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Swvl Holdings Corp (NASDAQ: SWVL) is a leading technology-driven mobility company that aims to enhance mass transit with its innovative and environmentally friendly solutions. Swvl's core business focuses on providing reliable, safe, and cost-effective transportation options through a network of minibuses and other vehicles operating on fixed or semi-fixed routes within urban areas. This service is primarily accessed via the Swvl mobile app, which allows commuters to book rides between pre-defined pick-up and drop-off points throughout the city.
Swvl is not just limited to B2C offerings; it also delivers transformative tech-enabled mass transit solutions on a global scale, encompassing intercity, intracity, B2B, and B2G transportation. These services offer a semi-private alternative to traditional public transportation, particularly for individuals who cannot afford or access private transport. Swvl's platform ensures that mobility is more efficient, accessible, and environmentally friendly, empowering millions to travel safely and conveniently.
Recent achievements highlight Swvl's continuous growth and strategic moves. In July 2023, Swvl received approval from the Nasdaq Stock Market to transfer its listing to the Nasdaq Capital Market, ensuring compliance with financial and corporate governance standards. This move is set to facilitate Swvl's strategic expansions and market positioning.
Moreover, Swvl's strategic sale of Urbvan to Kolors marks a significant step in Swvl's vision for profitable growth. This transaction is expected to accelerate Swvl's expansion plans in high-priority markets, enhancing its global footprint.
Financially, Swvl has reported positive operating cash flow and net profit in the first half of 2023, showcasing the company's robust financial health and growth trajectory. The company has also secured significant contracts with notable corporations such as Holiday Inn Hotel, Siemens in Saudi Arabia, and Bosch in Egypt, further cementing its reputation as a trusted mobility solutions provider.
For more detailed information about Swvl Holdings Corp, visit www.swvl.com.
Swvl Holdings Corp (Nasdaq: SWVL) has formed a special committee of independent directors to evaluate Potential Strategic Transactions, including corporate sale and asset sales. This initiative aims to maximize shareholder value amid ongoing economic uncertainties and market volatility impacting cash generation and operational viability. The committee will assess all expressions of interest, working with advisors to ensure fairness. The company is also implementing cost reduction measures, which may include discontinuing certain operations. No timeline for completion has been set, and there is no guarantee of any transaction.
Swvl Holdings Corp (SWVL) is implementing significant cost-reduction measures as part of its ongoing portfolio optimization program. These measures include focusing on major markets like Egypt and Mexico, evaluating operations in smaller countries for potential sale or discontinuation, and reducing headcount by over 50%. The company is also cutting operating expenses, especially in discretionary spending like marketing. This decision comes amid economic uncertainty and volatility in capital markets that could affect Swvl's cash generation capabilities and commitments.
Swvl Holdings Corp (Nasdaq: SWVL) has received a notification from Nasdaq regarding non-compliance with Rule 5450(a)(1) due to its Class A ordinary shares closing bid price falling below $1.00 for 30 consecutive business days. The company has until May 1, 2023, to regain compliance by achieving a minimum bid of $1.00 for ten consecutive days. If compliance is not met, Swvl could face delisting. The company plans to consider options such as a reverse share split to address the deficiency and maintains that its Nasdaq listing is a priority.
Swvl Holdings Corp (NASDAQ: SWVL) reported significant improvements in profitability across its operations in Egypt, Turkey, Germany, Kenya, and Jordan, achieving Adjusted EBITDA breakeven in August 2022. These five countries accounted for 58% of Swvl's H1 2022 revenues, reflecting a 3.4x year-on-year revenue growth. The company anticipates reaching cash flow positivity in 2023, with expectations of breakeven at a full portfolio level by Q4 2022 and consolidated profitability next year. Both direct-to-consumer and enterprise segments performed positively in these regions.
Swvl Holdings Corp (NASDAQ: SWVL), a global tech-enabled mass transit provider, announced that analysts at Barclays and Alliance Global have initiated coverage with ratings of 'Buy' and 'Equal Weight'. This follows a recent 'Outperform' rating from Baird with a price target of $8. Analysts' reports reflect their views and are not endorsed by Swvl, which disclaims liability for any inaccuracies. As a company, Swvl operates in over 20 countries, providing efficient transportation solutions through its proprietary app.
Swvl Holdings Corp (NASDAQ: SWVL) announced Baird has initiated coverage with an "Outperform" rating and a price target of $8, significantly above current trading levels. Founder and CEO Mostafa Kandil highlighted a record-breaking quarter in Q2, with revenues increasing 3.4x year-on-year, while CFO Youssef Salem mentioned a robust balance sheet following a $29 million capital raise in early Q3 and a roadmap to cash flow positivity in 2023. The company has completed several strategic acquisitions, emphasizing growth and shareholder value.
Swvl Holdings Corp reported a strong performance for the first half of 2022, achieving revenues of $40.7 million, a 3.2x increase compared to H1 2021. Total bookings surged to 40.1 million, up 3.7x year-over-year. The Q2 2022 revenue was $23.3 million, marking a 3.4x uptick from Q2 2021. With a cash balance of $19 million, Swvl also raised $29 million in early Q3 and aims to achieve positive cash flow in 2023.
Swvl Holdings Corp (NASDAQ: SWVL) announced a definitive agreement for a private placement with a U.S. institutional investor, involving the sale of 12,121,214 ordinary shares along with series A and B warrants at $1.65 per share, totaling approximately $20 million in gross proceeds. The series A warrants can purchase an equal number of shares, while series B warrants can acquire 6,060,607 shares. If all warrants are exercised, Swvl could receive an additional $30 million. The deal is expected to close on August 12, 2022, pending standard conditions.
Swvl Inc. (NASDAQ: SWVL) announced a strategic partnership with City Group Co. KSCP to enhance transportation services in Kuwait. The collaboration will leverage Swvl's Software as a Service (SaaS) solutions, focusing on the launch of "Citylink Shuttle." This initiative aims to provide demand-responsive transportation options, initially deploying 100 vehicles over six months. CEO Mostafa Kandil emphasized the commitment to transforming the transportation landscape in Kuwait. The partnership aligns with Swvl's expansion strategy and aims to contribute to profitability, building on recent acquisitions in Europe and Brazil.
Swvl Holdings Corp (NASDAQ: SWVL) announced on July 10, 2022, that key shareholders, including founders and pre-business combination investors, voluntarily extended their lock-up agreements. This extension applies to approximately 84% of the total outstanding shares, covering 100,414,134 Class A Ordinary Shares. Initially, these agreements varied from 6 to 12 months but have now been extended to 12 or 18 months. This move follows Swvl's recent growth in Latin America and the acquisition of Urbvan, which enhances its transport-as-a-service and software-as-a-service operations.
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