Over 1 Year Ago
1 Min Read

SWVL is making big moves today. No clear catalyst:

Shares of Swvl Holdings Corp - Class A (SWVL) are trading 9% higher at a price of $1.69 at the time of this writing. Shares of the stock are rapidly surpassing other names in the space on what is turning out to be a mildly cheerful day for the Industrials sector.

Some possible news moving the stock:

-The Company has entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 12,121,214 of its ordinary shares together with series A warrants and series B warrants (together, the "Securities") at a combined purchase price of $1.65 per ordinary share, pursuant to a private placement, resulting in total gross proceeds at closing of approximately $20 million before deducting placement agent commissions and other estimated offering expenses.

-The series A warrants may purchase up to 12,121,214 of the Company's ordinary shares and the series B warrants may purchase up to 6,060,607 of the Company's ordinary shares.

-If all the warrants are exercised for cash, the Company will receive an additional $30 million in gross proceeds.

-This follows the announcement of Swvl's portfolio optimization program to turn cash flow positive in 2023.

Swvl Holdings Corp - Class A has been trading between a 52-week high of $11.4 and a 52-week low of $1.42. The stock has a market cap of $257 Million.