The Clap
SWVL (NASDAQ: SWVL) received a letter from NASDAQ as they are not currently complying with one of the regulations.
The Deets
The ride-hailing company’s stock closing price has been less than $1 for 30 consecutive days, something the NASDAQ does not like.
In order to regain compliance, the company must have a closing price of over $1 for 10 consecutive business days.
So what
Listing on the stock exchange is one of the company’s top priorities. The company will look at other alternatives to fix the situation in case it is unable to comply with NASDAQ’s regulation.
Now What
SWVL has until May 1st 2023 to drive its share price up somehow, or perform a reverse stock split where it combines existing shares to make fewer shares at a higher price.
Otherwise, the company risks being delisted.
