Swvl Board Approves Reverse Stock Split

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.

Posted In: NewsPenny StocksStock SplitGeneralBriefs