Feb. 10 at 1:47 PM
$SWVL Swvl announces
$2M private placement
Swvl Holdings announced that investors have exercised their right to purchase additional securities pursuant to the previously executed definitive agreement dated November 17, 2024, to purchase
$2M of pre-funded warrants to purchase ordinary shares in a private placement, at a purchase price of
$4.79 per share. The purchasers have agreed to lock up the securities purchased in the offering for a period of 6 months, and also to transfer less than 20 percent of the securities purchased for each 90-day period thereafter in an amount not more than 20 percent of the trading volume on the date of sale. Swvl believes that the execution of the lock up agreements, and selling restrictions contained therein, indicates the purchaser's confidence in Swvl's long-term growth strategy.
The private placement closed on February 7, 2025. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes, including the expansion of its operations in the United States. The private placement comes on the back of Swvl's recent developments, including securing multiple million dollar contracts across Egypt, Saudi Arabia and the United Arab Emirates, obtaining financing from HSBC to fund current and new sales pipeline, and in Swvl's announced preparation to accelerate its growth and footprint in the United States and in the GCC. This investment comes as an extension to the previously announced
$4.7M private placement in November 2024.
