Swvl Holdings Shares Rise 19% After $4.7M Private Placement

Dow Jones11-19

By Chris Wack

Swvl Holdings shares were up after the company said it has entered into a definitive agreement with certain investors to buy $4.7 million in shares in a private placement.

The technology company's stock gained 19%, to $5.69, in midday trading Monday. Shares are up more than 500% in the past 12 months.

Swvl said the purchase price is $4.79 a share, its closing price Friday.

The purchasers, which include several members of its board of directors, have agreed to lock up the securities purchased in the offering for a period of six months.

The private placement is expected to close on or about Monday.

The Dubai company intends to use the proceeds for working capital and general corporate purposes, including the expansion of its operations in the U.S.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 18, 2024 13:49 ET (18:49 GMT)

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