a global provider of transformative tech-enabled mass transit solutions, today announced that on January 11, 2023, it received written notice (the “Notice”) from The Nasdaq Stock Market (“Nasdaq”) advising the Company that it was not in compliance with Listing Rule 5450(b)(2)(A) requiring companies listed on the Nasdaq Global Market to maintain a minimum market value of listed securities of $50,000,000 (the “MVLS Requirement”)

Swvl a global provider of transformative tech-enabled mass transit solutions, today reported that it is implementing further measures as part of its previously announced and ongoing portfolio optimization program to reduce costs.

Egypt, Turkey, Germany, Kenya, and Jordan turned Adjusted EBITDA positive or breakeven in August These 5 countries generated 58% of Swvl’s H1 2022 revenues

Barclays equity research analyst Ross Sandler and Alliance Global analyst C. K. Poe Fratt initiated coverage with price targets substantially higher than Swvl’s current trading price

Baird equity research analyst Ben Kallo initiated coverage with a price target of $8

The conference call will be webcast simultaneously and in its entirety through the Swvl Investor Relations website. Shareholders, media representatives, and others may participate in the webcast by registering here.