Swvl standard shares and warrants expected to start off buying and selling on NASDAQ tomorrow less than the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, entirely dedicated $111.5 million PIPE and $53.3 million of dollars held in have faith in web of redemptions
Matter to satisfaction or waiver of specific closing ailments, Swvl will have access to further money by way of an added PIPE commitment of $10. million and a $471.7 million equity funding facility
Transaction showcasing the 1st special reason acquisition firm founded and led completely by females, closes on the historic last day of Women’s Record Month
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an expert leader who has served on boards of community and personal companies
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Firm”), a worldwide supplier of transformative tech-enabled mass transit solutions, nowadays announced the completion of its earlier declared enterprise mixture with Queen’s Gambit Growth Capital, the initially special intent acquisition firm launched and led entirely by women of all ages (“Queen’s Gambit”) (NASDAQ: GMBT) adhering to an extraordinary basic conference of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The blended firm has transformed its title to Swvl Holdings Corp. The Class A standard shares and warrants of the blended corporation will continue on to trade on NASDAQ beneath the ticker symbols “GMBT” and “GMBTW”, respectively, by way of today. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A common shares and warrants are predicted to commence buying and selling on NASDAQ less than the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl been given gross proceeds from the transaction of roughly $164.8 million from its upsized, completely fully commited $111.5 million PIPE and the receipt of roughly $53.3 million of dollars from Queen’s Gambit’s trust account web of redemptions. In addition, topic to the satisfaction or waiver of particular closing conditions, following the closing of the business mixture Swvl will have obtain to added capital by using an further PIPE dedication of $10. million, which it expects to close in the next quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, explained, “Completing our enterprise mixture with Queen’s Gambit is a large milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it really should be a fundamental ideal for all. As a public firm, we approach to build on Swvl’s exponential growth to day and proprietary tech-enabled platform, making certain that underserved populations have obtain to options that are risk-free, effortless and inexpensive. In change, we will leverage our very best-in-class workforce, set up partnerships and proprietary tech stack with differentiated alternatives.”
Victoria Grace, Founder and CEO of Queen’s Gambit Growth Cash and Board Member of Swvl Holdings Corp, explained, “We have been proud to companion with Swvl, and are really thrilled to keep on our marriage following the closing of this momentous organization mixture. Since saying our merger past year, Swvl has flawlessly executed on its business program. In the course of this kind of time it has strategically expanded its current market-major presence in present geographies throughout Africa and Asia, though increasing into other high development locations across Europe and Latin America via a mix of natural and organic launches and strategic M&A. With an recognized management place in vital rising markets and current market existence across extra than 100 towns in over 20 international locations on 4 continents, we believe that Swvl will continue to capitalize on the truly global $1 trillion mass transit sector possibility with substantial expansion at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the entire Swvl corporation, we would like to thank our riders, captains, colleagues, buyers and small business partners for their have confidence in and partnership. With crystal clear strategic course, a confirmed execution keep track of record and a shown enterprise design, Swvl is poised to consider the upcoming action in its historic evolution. With our community currency and obtain to considerable pools of funds, we prepare to build on our recent expansions into Europe and Latin The usa, key acquisitions of managing passions in Shotl, doorway2doorway and Viapool, and investments in the Uk and Mexico, and execute more strategic initiatives building persuasive benefit for buyers and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Directors and Audit Committee
Swvl Holdings Corp has picked Gbenga Oyebode to serve as a Class I director on Swvl Keeping Corp’s Board of Directors and as a member of the audit committee.
Gbenga Oyebode, age 62, is the co-founder and former chairman of Aluko & Oyebode, a single of the premier regulation companies in Nigeria. Mr. Oyebode at present serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Company and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy by means of his assistance as the chairman of Educate for Nigeria, director of Educate for All and as a member of the Worldwide Advisory Council of the African Management Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Center, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Foundation. Mr. Oyebode has formerly served on the boards of Obtain Bank Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of legal guidelines levels from the University of Ife and the Nigerian Legislation College and a learn of guidelines degree from the College of Pennsylvania. He also retains a person of Nigeria’s optimum honors, the Member of the Buy of the Federal Republic of Nigeria, and is a receiver of the Belgian royal honor of Knight of the Buy of Leopold.
Swvl is a world provider of transformative tech-enabled mass transit remedies, providing intercity, intracity, B2B and B2G transportation across more than 100 cities in more than 20 countries. The Company’s platform supplies complimentary semi-non-public alternate options to general public transportation for folks who can’t obtain or afford private options. Every working day, Swvl’s parallel mass transit units are empowering folks to go wherever they want, when they want – earning mobility safer, extra effective, obtainable, and environmentally helpful. Buyers can book their rides on an uncomplicated-to-use proprietary app with diversified payment possibilities and 24 / 7 access to superior-high-quality non-public buses and vans.
Swvl was co-launched by Mostafa Kandil, who introduced Carmudi in the Philippines, which became the largest automobile classifieds system in the nation in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a ride-sharing company and the first unicorn in the Center East, the place he launched services in a number of new markets.
For further information about Swvl, make sure you check out www.swvl.com.
Certain statements made herein are not historical specifics but are forward-wanting statements. Ahead-wanting statements generally are accompanied by words and phrases such as “think,” “could,” “will,” “estimate,” “proceed,” “foresee,” “intend,” “expect,” “really should,” “would,” “system,” “predict,” “opportunity,” “look,” “seek,” “future,” “outlook” and very similar expressions that forecast or suggest future activities or developments or that are not statements of historic issues. These forward-on the lookout statements include things like, but are not confined to, statements concerning upcoming occasions, the business mixture amongst Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or predicted foreseeable future benefits and rewards of the combined enterprise next the business enterprise mix, foreseeable future possibilities for the mixed organization and other statements that are not historical facts.
These statements are centered on the current expectations of Swvl and/or Queen’s Gambit’s administration and are not predictions of genuine performance. These ahead-seeking statements are presented for illustrative applications only and are not supposed to provide as, and ought to not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of actuality or likelihood. Actual gatherings and situations are challenging or unachievable to forecast and will differ from assumptions. A lot of real situations and situation are past the manage of Swvl and Queen’s Gambit. These statements are subject matter to a quantity of threats and uncertainties with regards to Swvl’s small business and the small business mix, and precise effects may perhaps vary materially. These risks and uncertainties include, but are not minimal to: general economic, political and organization problems, which includes but not limited to the financial and operational disruptions and other effects of the COVID-19 pandemic the result of any authorized proceedings that might be instituted in opposition to the get-togethers subsequent the consummation of the business enterprise mixture failure to know the anticipated gains of the organization mixture selected pitfalls that could later on crop up as a outcome of the limited time Queen’s Gambit experienced to perform due diligence the risk that the business enterprise mixture disrupts present options and operations as a final result of the consummation of the enterprise mixture the skill of the merged corporation to execute its expansion strategy, deal with expansion profitably and keep its critical workers competition with other corporations in the mobility sector Swvl’s limited functioning history and lack of working experience as a community corporation modern implementation of specific guidelines and techniques to make sure compliance with relevant legislation and restrictions, which includes with regard to anti-bribery, anti-corruption, and cyber protection the risk that Swvl is not in a position to execute its development strategy, which relies upon on rapid, international expansion the danger that Swvl is unable to catch the attention of and retain consumers and experienced motorists and other large quality personnel the risk that Swvl is unable to safeguard and implement its mental assets legal rights the possibility that Swvl is unable to identify rider demand to acquire new offerings on its platform the issue of obtaining necessary registrations, licenses, permits or approvals in jurisdictions in which Swvl at this time operates or may in the upcoming work the simple fact that Swvl presently operates in and intends to grow into jurisdictions that are, or have been, characterised by political instability, may have insufficient or restricted regulatory and authorized frameworks and may have restricted, if any, treaties or other arrangements in put to safeguard international financial commitment or involvement the danger that Swvl’s drivers could be labeled as workers, employees or quasi-workforce in the jurisdictions they work the point that Swvl has operations in international locations identified to experience significant levels of corruption and is topic to territorial anti-corruption legal guidelines in these jurisdictions the means of Holdings to manage the listing of its securities on a U.S. nationwide securities trade subsequent the organization mix fees related to the business mix Swvl’s acquisitions of managing passions in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH might not be effective to Swvl as a result of the price of integrating geographically disparate functions and the diversion of management’s notice from its existing business enterprise, amongst other points and other threats that will be specific from time to time in filings with the U.S. Securities and Trade Fee. The foregoing checklist of risk aspects is not exhaustive. There might be added threats that Swvl presently does not know or that Swvl at this time thinks are immaterial that could also induce real success to vary from people contained in ahead-seeking statements. In addition, forward-looking statements provide Swvl’s anticipations, programs or forecasts of long term gatherings and views as of the date of this conversation. Swvl anticipates that subsequent activities and developments will trigger Swvl’s assessments and projections to change. Even so, even though Swvl may well elect to update these ahead-seeking statements in the potential, Swvl especially disclaims any obligation to do so. These forward-wanting statements must not be relied upon as symbolizing Swvl’s assessments as of any date subsequent to the day of this communication. Accordingly, undue reliance really should not be put on the ahead-on the lookout statements.
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