- Dubai-based Swvl ( NASDAQ: SWVL ) on Friday said it received a letter from Nasdaq saying it is currently not in compliance with a certain listing rule.
- Nasdaq notified SWVL that closing bid price for its Class A shares was below $1.00 per share for the last 30 consecutive business days.
- Nasdaq has provided SWVL 180 calendar days to regain compliance, until May 1, 2023.
- If SWVL does not demonstrate compliance prior to the end of 180-day period, company's shares will be subject to delisting.
- SWVL intends to consider available options to cure the deficiency and regain compliance with minimum bid requirement, including by potentially approving a reverse share split.
- Nasdaq notice has no immediate effect on SWVL's listing.
For further details see:
Swvl gets Nasdaq minimum bid price deficiency notice