Swvl Receives Notice Regarding Nasdaq Continued Listing Standards Deficiency

Rhea-AI Summary

Swvl Holdings Corp received a notice from Nasdaq stating that it no longer complies with audit committee requirements due to resignations from the board of directors. The company has until June 15, 2023 to regain compliance.

Positive

• Swvl is in discussions with existing directors to determine new members for the audit committee, aiming to regain compliance within the Cure Period.

Negative

• Swvl no longer complies with Nasdaq's audit committee requirements, which may negatively impact its stock price.

DUBAI, United Arab Emirates, May 05, 2023 (GLOBE NEWSWIRE) -- Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a global provider of transformative tech-enabled mass transit solutions, today announced that on May 1, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) stating that following the resignations of Messrs. W. Steve Albrecht and Gbenga Oyebode from the Company’s board of directors and audit committee, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Listing Rule 5605.

Listing Rule 5605(c)(2) states that the Company’s audit committee must consist of at least three members, all of whom are independent. Following Messrs. Albrecht and Oyebode’s resignations, the Company’s audit committee consists of only one remaining member.

The Company has until June 15, 2023 in order to regain compliance (the “Cure Period”). The Company is currently in discussions with its existing directors to determine which will join the audit committee and the Company anticipates regaining compliance within the Cure Period.

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 expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts.

These statements are based on the current expectations of Swvl’s management and are not predictions of actual performance. For example, Swvl is using forward-looking statement in this press release when it discusses its ability to regain compliance with the Nasdaq audit committee rules. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Swvl. These statements are subject to a number of risks and uncertainties regarding Swvl’s business, and actual results may differ materially. In addition, forward-looking statements provide Swvl’s expectations, plans or forecasts of future events and views as of the date of this communication. Swvl anticipates that subsequent events and developments could cause Swvl’s assessments and projections to change. However, while Swvl may elect to update these forward-looking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon any forward-looking statements. Except as otherwise required by law, Swvl undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC"), which is available on the SEC's website, www.sec.gov, and in subsequent SEC filings.

Contact

Investor.relations@swvl.com

FAQ

What is the notice received by Swvl from Nasdaq?

Swvl received a notice from Nasdaq stating that it no longer complies with audit committee requirements.

What are the audit committee requirements set forth by Nasdaq?

Nasdaq requires the audit committee to consist of at least three independent members.

What is the Cure Period for Swvl to regain compliance?

Swvl has until June 15, 2023 to regain compliance with Nasdaq's audit committee requirements.

Is Swvl taking any action to regain compliance?

Yes, Swvl is currently in discussions with its existing directors to determine new members for the audit committee.