Selina Hospitality (NASDAQ:SLNA) - Administration

Selina Hospitality (NASDAQ:SLNA), a London-based global hospitality brand built to address the needs of millennial and Gen Z travelers, entered administration on 22 July.

The company has a portfolio of over 100 properties across more than 20 countries. It was valued at $1.2 billion at the time it went public on NASDAQ in 2022, but its market cap has since plummeted to $13.08 million and the company is being delisted from the stock exchange.

Andrew Johnson, Samuel Ballinger and Ali Khaki of FTI Consulting were appointed joint administrators and said that Selina was unable to reach its growth aspirations following the Covid-19 pandemic, and subsequently struggled to raise sufficient capital to deliver a turnaround due in a large part to increased interest rates and weaker trading performance.

The joint administrators are trading the business while they assess options.