Swvl Board Approves Reverse Stock Split

Mass transit solutions provider Swvl Holdings Corp SWVL said its Board of Directors approved a reverse stock split on Jan. 4, 2023.
The split is at the ratio of one-for-25, such that every 25 issued ordinary shares would be combined into one ordinary share.
The Board of Directors also approved an amendment and restatement to the company's Memorandum and Articles of Association to reflect the reverse share split.
No shareholder approval is required for the reverse share split pursuant to the BVI Business Companies Act.
The reverse share split is expected to be effective on Jan. 25, 2023.
The shares will begin trading on a split-adjusted basis at the start of trade on Jan. 26, 2023.
The company expects that the share split will allow it to regain compliance with the Nasdaq $1.00 minimum bid price requirement.
Price Action: SWVL shares are trading lower by 3.96% at $0.1650 in premarket on the last check Wednesday.

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