Dubai-based mobility and transport solutions provider SWVL, has signed an agreement with US-based institutional investors for the sale and purchase of over 12 million shares along with securities for $20 million at a price of $1.65 per share, the company said in a statement on Wednesday.

The private placement and sale of securities will take effect on Friday, it added.

The Series A warrants and Series B warrants will expire five years from the date of issuance and two years from the date of issuance, respectively. If the warrants are exercised during the said period, the company will receive an additional $30 million.

Last year, the transport startup went public via a special purpose acquisition company (SPAC).

It has raised a total of $264 million since its founding in Egypt in 2017.