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Swvl Regains Compliance with NASDAQ Continued Listing Requirements Relating to Audit Committee
DUBAI, United Arab Emirates, June 20, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of
About this update from Swvl Holdings Corp
[{"type":"text","content":"DUBAI, United Arab Emirates, June 20, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, is pleased to announce that it has successfully regained compliance with Nasdaq's audit committee requirements, as stated in Listing Rule 5605(c)(2). On May 1, 2023, the Company received a notice from The Nasdaq Stock Market (\"Nasdaq\") stating that it did not comply with the audit committee requirement for continued listing. The rule specifies that the audit committee must consist of at least three independent members. Following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the board of directors and audit committee, Swvl's audit committee was left with only one remaining member, causing the deficiency. On May 17, 2023, Mr. Ayman Ismail Mohamed Ahmed Soliman was appointed to the Company's Board of Directors and audit committee, and on June 13, 2023, Ms. Esther Dyson was appointed to serve on the audit committee. These appointments ensured compliance with Nasdaq's audit committee requirements. The Nasdaq staff has determined that the Company now complies with Listing Rule 5605(c)(2). As a result, the matter regarding this deficiency is now closed. 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 expre...