{"id":579162,"date":"2023-01-29T04:07:29","date_gmt":"2023-01-29T04:07:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/volt-lines-confirms-swvl-breakup-reverse-stock-split-boosts-swvl-share-price\/"},"modified":"2023-01-29T04:07:29","modified_gmt":"2023-01-29T04:07:29","slug":"volt-lines-confirms-swvl-breakup-reverse-stock-split-boosts-swvl-share-price","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/volt-lines-confirms-swvl-breakup-reverse-stock-split-boosts-swvl-share-price\/","title":{"rendered":"Volt Lines confirms Swvl breakup + Reverse stock split boosts Swvl share price"},"content":{"rendered":"

<\/a> Volt Lines confirms Swvl breakup: <\/strong>Turkish mobility business Volt Lines<\/a>\u2019 management team is back in the driver\u2019s seat after taking back control of the company from Swvl, it confirmed in a press release (pdf)<\/a> on Thursday. The two sides agreed to terminate the USD 65 mn acquisition<\/a> in December and go their separate ways less than a year after announcing the merger, the statement said. Swvl announced the unwinding in a filing earlier this month. Company representatives were not immediately available for a comment when Enterprise reached out yesterday.<\/p>\n

It was a good eight-month run: <\/strong>The short duration of the acquisition saw the Turkish mobility company more than double its revenues and turn profitable, which will help it exercise its plans to expand overseas this year. \u201cDuring our time with Swvl we had the chance to focus on the fundamentals which helped transform the Volt Lines business and thus more than double its value since the acquisition,\u201d Volt Lines founder and CEO Ali Halabi said in the release. \u201cSwvl and Volt Lines benefited a lot from each other, however the macro-economic climate made it very difficult for the [transaction] to conclude.\u201d<\/p>\n

It\u2019s shaping up to be a tough year for Swvl:<\/strong> The company is facing delisting warnings<\/a> from the Nasdaq after seeing its share price collapse as much as 98% since its IPO<\/a> last April. The company has slashed more than half of its workforce, cut back on routes, and exited Pakistan in a bid to rein in costs<\/p>\n

Reverse stock split has propped up its share price:<\/strong> Swvl\u2019s share price jumped to USD 4.14 during trading on Thursday after the company announced a 1-for-25 reverse stock split following a second delisting warning, before falling back to close the week at USD 3.18. The \u201creverse share split will allow the company to regain compliance with the Nasdaq USD 1.00 minimum bid price requirement,\u201d the company said in a statement<\/a> announcing the move on Wednesday.<\/p>\n

SOUND SMART-<\/strong> Reverse stock splits reduce the number of shares in circulation, boosting the share price. Swvl\u2019s 1-for-25 reverse split merged 25 ordinary shares into a single share. The company has received warnings<\/a> from Nasdaq to both bring its share price up above USD 1.00 for 10 consecutive days by 1 May 2023 and to raise its market cap above USD 50 mn by July, or face delisting.<\/p>\n","protected":false},"excerpt":{"rendered":"

Volt Lines confirms Swvl breakup: Turkish mobility business Volt Lines\u2019 management team is back in the driver\u2019s seat after taking back control of the company from Swvl, it confirmed in a press release (pdf) on Thursday. The two sides agreed to terminate the USD 65 mn acquisition in December and go their separate ways less […]<\/p>\n","protected":false},"author":1,"featured_media":579163,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,328,95,507,207,1770],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-ride-hailing","tag-startup-watch","tag-swvl","tag-transport","tag-volt-lines","wpautop","entry"],"acf":{"mongo_id":"ac07b86a-07be-44f0-be51-1af93200926c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/476.jpg","photo_position":"above","related_issue":[579151],"teaser":"","voice_url":""},"yoast_head":"\nVolt Lines confirms Swvl breakup + Reverse stock split boosts Swvl share price - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/volt-lines-confirms-swvl-breakup-reverse-stock-split-boosts-swvl-share-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Volt Lines confirms Swvl breakup + Reverse stock split boosts Swvl share price\" \/>\n<meta property=\"og:description\" content=\"Volt Lines confirms Swvl breakup: Turkish mobility business Volt Lines\u2019 management team is back in the driver\u2019s seat after taking back control of the company from Swvl, it confirmed in a press release (pdf) on Thursday. 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an agreement to purchase Turkish firm Volt Lines in what is the company\u2019s fourth acquisition in the past eight months.The details: The acquisition will be executed with a mix of cash and shares, with the \u201cvast majority\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578997,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/swvl-hit-with-a-second-nasdaq-delisting-notice-will-unwind-volt-lines-acquisition\/","url_meta":{"origin":579162,"position":1},"title":"Swvl hit with a second Nasdaq delisting notice, will unwind Volt Lines acquisition","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"The company has traded below USD 1.00 a share since mid-September","rel":"","context":"In "Startup 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In an announcement last week, Swvl said it\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":695191,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/21\/swvl-is-not-dropping-off-of-nasdaq-just-yet-as-company-turns-to-the-black-in-2025\/","url_meta":{"origin":579162,"position":4},"title":"Swvl is not dropping off of Nasdaq just yet, as company turns to the black in 2025","author":"enterpriseam admin","date":"21 April 2026","format":false,"excerpt":"The company turned a profit last year, allowing it to meet Nasdaq\u2019s requirements to remain listed on the exchange","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2642.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/24\/swvl-sees-the-largest-funding-round-in-egypt-tech-startup-history\/","url_meta":{"origin":579162,"position":5},"title":"Swvl sees the largest funding round in Egypt tech startup history","author":"enterpriseam admin","date":"24 April 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl closes the largest funding round in Egypt tech startup history: Mass transit ride-hailing app Swvl received USD 8 mn in Series A funding, the company said in a statement on Monday (pdf). The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=579162"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579162\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579163"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579162"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579162"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}