Wolfpack Research short SWVL given ‘dire financial condition’

In a recently published report, Wolfpack Research says it is short SWVL and that it sees “100% near-term downside for this Dubai based bus-sharing app.” “SWVL’s dire financial condition is easy enough to determine by looking at its dismal financials, but our research into the company, including on-the-ground due diligence in Egypt, indicates that SWVL’s operations are grinding to a halt as they run out of money. They also apparently don’t even have enough money to maintain their website as many of the pages are defunct, which is particularly embarrassing considering they try to pass themselves off as a technology company,” the report reads. In morning trading, shares of SWVL have dropped almost 21% to $4.28.