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DeepNewz, mobile.
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SWVL, a technology company primarily operating in Egypt, is facing significant operational challenges. Reports indicate that large sections of its website have been non-functional for months, severely impacting its ride-sharing business. Despite a recent PR announcement claiming the signing of $2.6 million in new contracts in Saudi Arabia, concerns about the company's financial health persist. SWVL's market cap has already plummeted 98% since its de-SPAC, now standing at $40 million, and its primary operations are reportedly grinding to a halt. Additionally, due diligence reveals that the issues with the company's app and website date back to at least January.
Per @WolfpackReports, $SWVL ride sharing website and APP has had issues from at least 3 months ago. Our DD found the same issues, but as far back as January. https://t.co/OmmhdZskgd
1/ We think $SWVL’s attempt to assuage investors yesterday afternoon with a PR claiming it has signed $2.6m “multiple new contracts” in Saudi Arabia just shows how broke they are. Apparently, whoever is supposed to file 6-ks has been laid off, along with the person responsible…
Anyone know why $VITL has 27% short interest?
