- 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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