SWVL, a global provider of tech-enabled mass transit solutions, has announced significant changes to its board of directors, as it strives to maintain compliance with Nasdaq’s audit committee requirements. The company recently received a notice from Nasdaq stating that it did not meet the audit committee requirement for continued listing, which necessitated immediate action.

In response to this development, Swvl appointed two new board members to address the deficiency. Mr. Ayman Ismail Mohamed Ahmed Soliman joined the Company’s Board of Directors and audit committee on May 17, 2023. Additionally, on June 13, 2023, Ms. Esther Dyson was appointed to serve on the audit committee. These appointments ensure compliance with Nasdaq’s audit committee requirements, effectively resolving the deficiency issue.

Mr. Ayman Ismail Mohamed Ahmed Soliman, Chairman of the newly formed New Cairo Capital Company, brings extensive expertise in overseeing the US$45 billion New Administrative Capital project.

Ms. Esther Dyson is an accomplished executive founder of Wellville, a leading angel investor, and a renowned figure in the technology industry, with notable investments and experience in various sectors.

Read also : SWVL Gets Egypt’s First and Only Smart Transportation License

The compliance journey began when two key board members, W. Steve Albrecht and Gbenga Oyebode, decided to resign from their positions on the board of directors and audit committee. Unfortunately, these resignations resulted in the company no longer meeting the required number of independent members for the audit committee, as stipulated in Nasdaq’s Listing Rule 5605.

Swvl, a provider of intercity, intracity, B2B, and B2G transportation solutions, offers semi-private alternatives to public transportation. The company’s tech-enabled platform allows individuals who cannot access or afford private options to enjoy safe, efficient, and environmentally friendly mobility. By providing convenient parallel mass transit systems, Swvl empowers its customers to travel whenever and wherever they want. The company’s proprietary app offers easy booking, diverse payment options, and access to high-quality 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