rise & fall

Egypt: Nasdaq delisting warnings bring Swvl back down to earth

By Hatem Maher

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Posted on January 25, 2023 11:24

© Chief Executive Officer of Swvl, Mostafa Kandil speaks during an interview with Reuters in Cairo, Egypt September 12, 2019. REUTERS — Chief Executive Officer of Swvl, Mostafa Kandil speaks during an interview with Reuters in Cairo, Egypt September 12, 2019. REUTERS

Swvl, which was founded in Egypt and is now based in Dubai, is a mass transit app that offered a lot of promise when it made its Nasdaq debut little less than a year ago. However, it was hit by delisting warnings, a turn of events that analysts attribute to an early hype.

Earlier this month, Swvl said it had received a non-compliance note from Nasdaq, a New York-based stock exchange. This was due to its failure to comply with a requirement to maintain a minimum market value of listed securities of $50m, more than double the company’s current market cap.

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