Swvl Holdings Corp (NASDAQ:SWVL) shares are trading lower by 11.2% to $0.15 Wednesday afternoon after the company approved a reverse stock split.
The reverse split at the ratio of 1-for-25 will occur such that every 25 issued ordinary shares will be combined into 1 ordinary share.
Swvl Holdings says the company’s ordinary shares will begin trading on the Nasdaq Global Market on a split-adjusted basis at the start of trade on January 26.
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According to data from Benzinga Pro, SWVL has a 52-week high of $11.40 and a 52-week low of $0.08.