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Swvl Receives Notice Regarding Nasdaq Continued Listing Standards Deficiency
DUBAI, United Arab Emirates, May 05, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative
About this update from Swvl Holdings Corp
[{"type":"text","content":"DUBAI, United Arab Emirates, May 05, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on May 1, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) stating that following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the Company’s board of directors and audit committee, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605. Listing Rule 5605(c)(2) states that the Company’s audit committee must consist of at least three members, all of whom are independent. Following Messrs. Albrecht and Oyebode’s resignations, the Company’s audit committee consists of only one remaining member. The Company has until June 15, 2023 in order to regain compliance (the “Cure Period”). The Company is currently in discussions with its existing directors to determine which will join the audit committee and the Company anticipates regaining compliance within the Cure Period. About Swvl Swvl is a global provider of transformative tech-enabled mass transit solutions, offering intercity, intracity, B2B and B2G transportation. The Company’s platform provides complimentary semi-private alternatives to public transportation for individuals who cannot access or afford private options. Every day, Swvl’s parallel mass transit systems are empowering individuals to go where they want, when they want – making mobility safer, more efficient, accessible, and environmentally friendly. Customers can book their rides on an easy-to-use proprietary app with varied payment options and access to high-quality private buses and vans. For additional information about Swvl, please visit www.swvl.com. Forward Looking Statements This press release contains “forward-looking statements” relating to future events. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, stateme...