Dubai’s Swvl announces $20m in private placement – The National

Dubai’s Swvl announces $20m in private placement – The National

Dubai-based shared mobility services provider Swvl has signed a definitive agreement with a US institutional investor for the purchase and sale of more than 12.1 million of its shares as well as securities for a total of nearly $20 million.

The series A warrants and series B warrants have been offered at a combined purchase price of $1.65 per share, pursuant to a private placement, the Nasdaq-listed company said in a statement on Wednesday.

Its shares were down 16 per cent at $1.54 per share at 10pm UAE time on Wednesday. Swvl’s share price has lost more than 84 per cent of its value since its market debut at $10 in March.