{"id":585194,"date":"2023-04-12T00:00:00","date_gmt":"2023-04-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/new-investment-offers-could-throw-swvl-a-lifeline-after-delisting-warnings\/"},"modified":"2023-04-12T00:00:00","modified_gmt":"2023-04-12T00:00:00","slug":"new-investment-offers-could-throw-swvl-a-lifeline-after-delisting-warnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/new-investment-offers-could-throw-swvl-a-lifeline-after-delisting-warnings\/","title":{"rendered":"New investment offers could throw Swvl a lifeline after delisting warnings"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">At risk of delisting, Swvl is contemplating new investment offers: <\/span><span style=\"\">Cairo-bo<\/span><span style=\"\">rn <\/span><span style=\"\">mass <\/span><span>transit app Swvl has received acquisition and partnership offers from investors as it tries to avoid being kicked off the Nasdaq stock exchange, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/premium\/%D8%B3%D9%88%D9%8A%D9%81%D9%84-%D9%87%D9%88%D9%84%D8%AF%D9%8A%D9%86%D8%AC%D8%B2-%D8%AA%D8%AA%D9%84%D9%82%D9%89-%D8%B9%D8%B1%D9%88%D8%B6%D8%A7%D9%8B-%D9%85%D9%86-%D9%85%D8%B3%D8%AA%D8%AB\/\" style=\"\">Al Mal<\/a><\/span><span> reports, citing sources it says have knowledge of the offers. Swvl has received several delisting warnings from the tech-focused US bourse due to the collapse of its share price and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investors.swvl.com\/node\/7996\/html\" style=\"\">in December said<\/a><\/span><span style=\"font-weight:400;\"> it was considering a range of options to support the company. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Details are few and far between:<\/span><span style=\"font-weight:400;\"> The newspaper provides little detail about the offers on the table, which reportedly vary between investors buying an existing stake in the company or subscribing to new shares via a capital increase. Enterprise was unable to reach a company representative for comment on the report.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Swvl <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/investors.swvl.com\/node\/8036\/html#tm2310980d1_ex99-2.htm\" style=\"\">said last month<\/a><\/span><span style=\"font-weight:700\"> that it had \u201creceived indications of interest\u201d<\/span><span style=\"font-weight:400;\"> and was evaluating its options, but did not provide further details. The company in December set up a committee to explore a range of options including \u201ccorporate sale, merger or other business combination, a sale of all or a portion of the company\u2019s assets, strategic investment, new debt or equity financings or other significant transactions.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">One of the casualties of the US tech downturn:<\/span><span> Swvl has seen its <\/span><span>shar<\/span><span>e price collapse more than 99% si<\/span><span>nce its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\" style=\"\">IPO in April 2022<\/a><\/span><span> as tightening financial conditions caused investor interest to dry up. The company\u2019s valuation has fallen from USD 1.5 bn to less than USD<\/span><span> 6.0 mn<\/span><span>, triggering delisting warnings from the Nasdaq to raise its market cap. Meanwhile, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d434ef6-458f-4052-b961-ec4449a6e149\" style=\"\">widening losses<\/a><\/span><span> have forced the company to make <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ffd2a6b9-3154-44b3-b23f-18d802441873\" style=\"\">large-scale layoffs<\/a><\/span><span> and operational cutbacks, as well as<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac07b86a-07be-44f0-be51-1af93200926c\" style=\"\">call off acquisitions<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Another warning:<\/span><span> The Nasdaq issued Swvl with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investors.swvl.com\/node\/8036\/html#tm2310980d1_ex99-2.htm\" style=\"\">a fresh delisting warning<\/a><\/span><span> at the end of March, notifying it that it has until 25 September to raise <\/span><span>the value of its publicly held shares <\/span><span>above USD 15 mn. The company has to meet this threshold for at least 10 consecutive business days to remain on the exchange. A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac07b86a-07be-44f0-be51-1af93200926c\" style=\"\">reverse stock split<\/a><\/span><span> earlier this year briefly propped up its shares and brought it back into compliance with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/762754de-c039-4c7c-b845-6b0bc96eb9c9\" style=\"\">another Nasdaq rule<\/a><\/span><span style=\"font-weight:400;\"> that requires a minimum USD 1.00 share price.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And to add another problem: <\/span><span>Two of Swvl\u2019s board members and independent members of its audit committee \u2014 Steve Albrecht and Gbenga Oyebode \u2014 resigned last week. That leaves Swvl with just one member on its audit committee, when it needs three to comply with Nasdaq rules, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investors.swvl.com\/node\/8041\/html\" style=\"\">SEC disclosure<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Swvl CFO Youssef Salem also resigned <\/span><span style=\"font-weight:400;\">at the end of last month. Read more in today\u2019s Moves section, below. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company has lost more than 99% of its value<\/p>\n","protected":false},"author":1,"featured_media":585195,"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":[72,120,328,95,507,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-nasdaq","tag-ride-hailing","tag-startup-watch","tag-swvl","tag-transport","wpautop","entry"],"acf":{"mongo_id":"6be72200-1ddf-4f64-ac58-c4a6e9209b30","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/500.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nasdaq-listed Swvl receives investment offers in attempts to prevent delisting","related_issue":[585187],"teaser":"The company has lost more than 99% of its value","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.c828dfaf-3527-477b-8525-2d93f418d38f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New investment offers could throw Swvl a lifeline after delisting warnings - 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\/04\/12\/new-investment-offers-could-throw-swvl-a-lifeline-after-delisting-warnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New investment offers 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