2023-03-31 17:00:09 ET
- Swvl ( NASDAQ: SWVL ) on Friday said it had got indications of interest for potential strategic alternatives which were under evaluation.
- The update comes after the company had previously announced that a special committee of independent directors of the board had started a strategic review process.
- SWVL also said it would be unable to file its annual report with the U.S. Securities and Exchange Commission by April 30.
- "Continued uncertainty in the global economic environment and volatility in capital markets have impacted Swvl’s ability to generate cash from operating activities, fund working capital and service its commitments," the company said in a statement .
- In a separate press release , SWVL said it had received a notification from the Nasdaq stock market that it was not in compliance with a listing rule requiring it to have a minimum market value of $15M.
- Class A shares of Swvl ( SWVL ) were down 12.7% to $1.17 after hours.
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Swvl says evaluating indications of interest for potential strategic alternatives