Swvl Announces Update Regarding Strategic Review Process
31 Marzo 2023 - 10:05PM
Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a
global provider of transformative tech-enabled mass transit
solutions, today announced an update to the previously disclosed
strategic review process to explore and evaluate potential
strategic alternatives that may be available to the Company.
The special committee comprised of independent
directors of the Company’s Board of Directors has received
indications of interest for potential strategic alternatives which
are under evaluation. The Company has not set a timetable for
completion of the review process and does not intend to comment
further with respect to the strategic review process unless and
until it determines that additional disclosure is appropriate in
the circumstances and in accordance with applicable securities
laws. While the Company intends to evaluate all options fairly to
maximize value for shareholders and other stakeholders, there can
be no assurance that the strategic review process will result in
any transaction, or if a transaction is undertaken, as to its terms
or timing.
In addition, 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. Accordingly, due
to the Company’s currently available resources required to prepare
the Company’s audited financial statements and annual report on
Form 20-F for the year ended December 31, 2022 (the “2022 Form
20-F”), the Company will not be able to file its 2022 Form 20-F by
April 30, 2023. The Company intends to file its 2022 Form 20-F as
soon as reasonably practicable upon completion of the audit of its
2022 financial statements by the Company’s independent registered
public accounting firm, Grant Thornton Audit and Accounting Limited
(Dubai Branch).
About Swvl
Swvl is a global provider of transformative
tech-enabled mass transit solutions, offering intercity, intracity,
B2B and B2G transportation. The Company’s platform provides
complimentary semi-private alternatives to public transportation
for individuals who cannot access or afford private options. Every
day, Swvl’s parallel mass transit systems are empowering
individuals to go where they want, when they want – making mobility
safer, more efficient, accessible, and environmentally friendly.
Customers can book their rides on
an easy-to-use proprietary app with varied payment
options and access to high-quality private buses and vans.
For additional information about Swvl, please
visit www.swvl.com.
Forward Looking Statements
This press release contains “forward-looking
statements” relating to future events. Forward-looking statements
generally are accompanied by words such as “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,”
“future,” “outlook” and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding future events and other
statements that are not historical facts.
These statements are based on the current
expectations of Swvl’s management and are not predictions of actual
performance. For example, Swvl is using forward-looking statement
in this press release when it discusses potential strategic
alternatives and the evaluation thereof, the continuing uncertainty
in the global economic environment and volatility in capital
markets and the Company’s intention to file its 2022 Form 20-F as
soon as reasonably practicable upon completion of the audit of its
2022 financial statements. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on, by any investor as a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Swvl.
These statements are subject to a number of risks and uncertainties
regarding Swvl’s business, and actual results may differ
materially. In addition, forward-looking statements provide Swvl’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Swvl anticipates that subsequent
events and developments could cause Swvl’s assessments and
projections to change. However, while Swvl may elect to update
these forward-looking statements in the future, Swvl specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Swvl’s assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon any forward-looking
statements. Except as otherwise required by law, Swvl undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting the Company is contained under the heading "Risk Factors"
in the Company's annual report on Form 20-F for the fiscal year
ended December 31, 2021 filed with the U.S. Securities and Exchange
Commission (the "SEC"), which is available on the SEC's website,
www.sec.gov, and in subsequent SEC filings.
Contact
Investor.relations@swvl.com
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