Swvl Holdings Corp, a global provider of tech-enabled mass transit solutions, has announced that two of its key board members, W. Steve Albrecht and Gbenga Oyebode, have resigned from the company’s board of directors and audit committee. This has resulted in the company no longer complying with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605, thereby attracting a latest warning notice from the US Securities and Exchange Commission.
Listing Rule 5605(c)(2) requires the Company’s audit committee to consist of at least three members, all of whom are independent. With the resignations of Albrecht and Oyebode, the Company’s audit committee now consists of only one remaining member.
The company has until June 15, 2023, to regain compliance within the “Cure Period”. Swvl is currently in discussions with its existing directors to determine who will join the audit committee, and the company anticipates regaining compliance within the Cure Period.
Swvl is a provider of intercity, intracity, B2B, and B2G transportation, offering semi-private alternatives to public transportation for individuals who cannot access or afford private options. Swvl’s parallel mass transit systems empower individuals to go where they want, when they want, making mobility safer, more efficient, accessible, and environmentally friendly.
Director since 2022, W. Steve Albrecht is on the board of Sky West, Larry H. Miller Group of Cos., CoreLogic, Inc. and Oravel Stays Pvt Ltd. and is a Professor-Emeritus at Brigham Young University. On April 7, 2023, he notified the board of directors of his resignation from his position as a member of the company’s board of directors and as an independent member of the audit committee.
Gbenga Oyebode, co-founder and former chairman of Aluko & Oyebode, one of the largest law firms in Nigeria, was added to the company’s board of directors and as a member of the audit committee in March 2022. He currently serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Company and PZ Cussons Nigeria PLC. On April 7, 2023, he also notified the board of his resignation from his position as a member of the company’s board of directors and as an independent member of the audit committee.
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As a result of the resignations, the Company’s audit committee now has one member and is not in compliance with Nasdaq Listing Rule 5605(c)(2)(A) which requires the Company’s audit committee to be comprised of three independent directors.
Swvl directors
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.
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