Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ:SWVL), a leading provider of technology-driven mobility solutions for enterprises and governments, today announced that investors have exercised their right to purchase additional securities pursuant to the previously executed definitive agreement dated November 17, 2024, to purchase $2 million of pre-funded warrants to purchase ordinary shares in a private placement, at a purchase price of $4.79 per share. The purchasers have agreed to lock up the securities purchased in the offering for a period of 6 months, and also to transfer less than 20 percent of the securities purchased for each 90-day period thereafter in an amount not more than 20 percent of the trading volume on the date of sale.
Swvl believes that the execution of the lock up agreements, and selling restrictions contained therein, indicates the purchaser's confidence in Swvl's long-term growth strategy. The private placement closed on February 7, 2025. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes, including the expansion of its operations in the United States.