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Swvl Holdings Corp's $2M Private Placement Report: Key Insights from Form 6-K

$SWVL
Form 6-K
Filed on: 2025-02-10
Source
Swvl Holdings Corp's $2M Private Placement Report: Key Insights from Form 6-K

Here are the key insights from the financial report (Form 6-K) regarding Swvl Holdings Corp:

  1. Report Overview:
  • The report is filed as a Form 6-K with the SEC, indicating it is a report of a foreign private issuer.
  1. Date and Filing Information:
  • Report date: February 10, 2025
  • Commission File Number: 001-41339
  1. Private Placement Offering:
  • Swvl announced that investors exercised their rights to purchase additional securities under a previously executed Securities Purchase Agreement dated November 17, 2024.
  • The offering involved the purchase of 417,537 pre-funded warrants at a price of $4.79 per share.
  • Gross proceeds from this offering amounted to $2 million.
  1. Use of Proceeds:
  • The company plans to utilize the net proceeds for working capital, general corporate purposes, and expanding operations in the United States.
  1. Closing Date:
  • The offering closed on February 7, 2025.
  1. Lock Up Agreement:
  • Purchasers of the securities agreed to a lock-up period of six months.
  • They may transfer up to 20% of the securities every 90 days thereafter, based on trading volume.
  1. Securities Registration:
  • The securities have not been registered under the Securities Act of 1933 and cannot be sold in the U.S. unless registered or exempt.
  1. Press Release:
  • A press release titled “SWVL Announces $2 Million Private Placement Priced At-the-Market Under Nasdaq Rules” was issued on February 10, 2025.
  1. Exhibits:
  • Several exhibits are attached to the report, including the Securities Purchase Agreement, pre-funded warrants, and Lock Up Agreement.
  1. Signature Authority:
    • The report was signed by Mostafa Kandil, Chief Executive Officer of Swvl Holdings Corp.

This report provides insights into Swvl's financing activities and strategic focus on growth within the U.S. market. The planned use of proceeds and locking up of securities can indicate a commitment to stability and gradual market entry.