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Swvl, which was founded in Egypt and is now based in Dubai, is a mass transit app that offered a lot of promise when it made its Nasdaq debut little less than a year ago. However, it was hit by delisting warnings, a turn of events that analysts attribute to an early hype.
Earlier this month, Swvl said it had received a non-compliance note from Nasdaq, a New York-based stock exchange. This was due to its failure to comply with a requirement to maintain a minimum market value of listed securities of $50m, more than double the company’s current market cap.