Wolfpack Research (“Wolfpack”) published a report on September 17, 2024, entitled “SWVL, a ‘Transportation-as-a-Service’ Start-up Appears to Be a Few Breaths Away from Bankruptcy”. Citing “research into the company, including on-the-ground due diligence in Egypt”, the Wolfpack report alleged, among other things, “that SWVL’s operations are grinding to a halt as they run out of money” and that very few rides appeared to be available on the Company’s bus-sharing app in Cairo, Swvl’s primary market.

Following this news, Swvl’s stock price fell over 43% on September 17, 2024.