The Board of Directors of Swvl Holdings Corp (Nasdaq: SWVL), a provider of revolutionary tech-enabled mass transit solutions, approved a reverse stock split of the company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), at the ratio of one-for-25, so that every 25 issued Ordinary Shares would be combined into one Ordinary Share, with a par value of $0.0025 each, on January 4, 20 (the “Reverse Share Split”). The company’s board of directors also agreed to restate the company’s articles of association and revise them to reflect the reverse share split. According to the BVI Business Companies Act, no shareholder permission is needed for the reverse share split (as revised).
The reverse share split is anticipated to go into effect on January 25, 2023, after which the company’s ordinary shares will start trading on the Nasdaq Global Market (“Nasdaq”) on January 26, 2023, on a split-adjusted basis. As a result of the reverse share split, the exercise or conversion price of all outstanding options and warrants of the Company will be appropriately adjusted by multiplying the exercise or conversion price thereof by 25 and dividing the number of shares of the ordinary shares into which the options or warrants are convertible by 25.
Read also African Tech Ecosystem Shows Resilience Still Growing With $6.5 Billion Raised in 2022
The Company’s Ordinary Shares will now trade on the Nasdaq under the new CUSIP G86302125 instead of the previous symbol “SWVL.” The company anticipates that the reverse share split will enable it to once again meet the $1.00 minimum bid price criterion set forth by Nasdaq.
A Look At What Swvl Does
Intercity, intracity, B2B, and B2G mobility are all provided by Swvl, a global provider of innovative tech-enabled mass transit solutions. For those who cannot access or afford private services, the company’s network offers complementary semi-private transportation options in addition to public transportation. Swvl’s parallel mass transit systems enable people to travel whenever they want and anywhere they want, making mobility safer, more effective, and more accessible while also being more environmentally friendly. Customers can reserve rides on a user-friendly, in-house app with a variety of payment methods and access to high-end private buses and vans.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard