The Clap
Recently-listed SWVL (NASDAQ: SWVL) has acquired Turkish mobility company Volt Lines.
The deets
While financial terms were not disclosed, sources familiar with the matter say the deal values Volt Lines at $40 million, with SWVL expected to further inject $25 million in investments. The deal is expected to close in Q2-2022.
SWVL shares have been on a ride
Shares of SWVL have been extremely volatile since their NASDAQ listing last month. The company’s stock fell more than 50% to a low of $4.25/share just three weeks after its debut, before rebounding to $7.85 in its most recent close.
SWVL CFO Youssef Salem expects trading volatility to decrease once shares from the $111.5 million private investment in public equity (PIPE) are added to the company’s outstanding shares.
