Swvl normal shares and warrants anticipated to start out buying and selling on NASDAQ tomorrow under the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, absolutely dedicated $111.5 million PIPE and $53.3 million of income held in rely on internet of redemptions
Topic to satisfaction or waiver of specific closing conditions, Swvl will have entry to extra money through an further PIPE determination of $10. million and a $471.7 million fairness financing facility
Transaction featuring the to start with special purpose acquisition enterprise started and led fully by women, closes on the historic very last working day of Women’s History Month
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an knowledgeable leader who has served on boards of community and personal companies
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a world wide service provider of transformative tech-enabled mass transit answers, nowadays introduced the completion of its formerly announced organization blend with Queen’s Gambit Development Money, the very first unique purpose acquisition company founded and led completely by women (“Queen’s Gambit”) (NASDAQ: GMBT) following an extraordinary typical assembly of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The blended organization has modified its name to Swvl Holdings Corp. The Course A regular shares and warrants of the mixed enterprise will continue on to trade on NASDAQ underneath the ticker symbols “GMBT” and “GMBTW”, respectively, through these days. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A standard shares and warrants are expected to start trading on NASDAQ beneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl gained gross proceeds from the transaction of close to $164.8 million from its upsized, entirely dedicated $111.5 million PIPE and the receipt of around $53.3 million of hard cash from Queen’s Gambit’s believe in account internet of redemptions. In addition, subject matter to the pleasure or waiver of particular closing conditions, soon after the closing of the company combination Swvl will have accessibility to added capital through an additional PIPE commitment of $10. million, which it expects to close in the 2nd quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, stated, “Completing our small business combination with Queen’s Gambit is a large milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a basic ideal for all. As a public corporation, we prepare to develop on Swvl’s exponential growth to day and proprietary tech-enabled system, guaranteeing that underserved populations have entry to solutions that are risk-free, effortless and economical. In convert, we will leverage our most effective-in-class group, set up partnerships and proprietary tech stack with differentiated methods.”
Victoria Grace, Founder and CEO of Queen’s Gambit Growth Capital and Board Member of Swvl Holdings Corp, mentioned, “We have been very pleased to partner with Swvl, and are quite energized to proceed our romantic relationship right after the closing of this momentous business mix. Given that saying our merger final 12 months, Swvl has flawlessly executed on its enterprise strategy. In the course of these kinds of time it has strategically expanded its marketplace-primary presence in existing geographies across Africa and Asia, though growing into other higher development areas throughout Europe and Latin America by a mixture of natural launches and strategic M&A. With an founded leadership placement in crucial emerging markets and current market presence across more than 100 towns in in excess of 20 countries on four continents, we feel Swvl will carry on to capitalize on the certainly world wide $1 trillion mass transit marketplace possibility with significant progress at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the total Swvl corporation, we would like to thank our riders, captains, colleagues, buyers and organization associates for their have confidence in and partnership. With very clear strategic route, a tested execution observe file and a shown business product, Swvl is poised to take the up coming stage in its historic evolution. With our general public currency and accessibility to substantial swimming pools of capital, we approach to develop on our recent expansions into Europe and Latin America, main acquisitions of controlling passions in Shotl, door2doorway and Viapool, and investments in the British isles and Mexico, and execute even more strategic initiatives creating compelling benefit for buyers and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee
Swvl Holdings Corp has selected Gbenga Oyebode to serve as a Course I director on Swvl Holding 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 person of the premier legislation companies in Nigeria. Mr. Oyebode presently serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Organization and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy by means of his support as the chairman of Teach for Nigeria, director of Educate for All and as a member of the World wide Advisory Council of the African Leadership Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Center, the African Philanthropy Forum, Carnegie Hall and the Ford Basis. Mr. Oyebode has previously served on the boards of Access Financial institution Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of laws levels from the University of Ife and the Nigerian Regulation College and a grasp of legislation degree from the University of Pennsylvania. He also holds a single of Nigeria’s highest honors, the Member of the Get of the Federal Republic of Nigeria, and is a recipient of the Belgian royal honor of Knight of the Purchase of Leopold.
Swvl is a worldwide service provider of transformative tech-enabled mass transit answers, featuring intercity, intracity, B2B and B2G transportation throughout far more than 100 metropolitan areas in in excess of 20 international locations. The Firm’s platform offers complimentary semi-private alternatives to public transportation for men and women who cannot entry or afford private selections. Just about every working day, Swvl’s parallel mass transit techniques are empowering persons to go the place they want, when they want – earning mobility safer, a lot more economical, obtainable, and environmentally welcoming. Customers can book their rides on an easy-to-use proprietary application with different payment alternatives and 24 / 7 accessibility to significant-good quality personal buses and vans.
Swvl was co-founded by Mostafa Kandil, who introduced Carmudi in the Philippines, which became the largest automobile classifieds platform in the nation in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a trip-sharing business and the 1st unicorn in the Middle East, the place he released providers in multiple new markets.
For further info about Swvl, please stop by www.swvl.com.
Specific statements manufactured herein are not historic facts but are forward-searching statements. Ahead-on the lookout statements commonly are accompanied by terms these as “think,” “may,” “will,” “estimate,” “keep on,” “foresee,” “intend,” “hope,” “ought to,” “would,” “plan,” “predict,” “opportunity,” “seem,” “find,” “long term,” “outlook” and identical expressions that predict or point out potential situations or traits or that are not statements of historic matters. These forward-wanting statements involve, but are not restricted to, statements with regards to potential activities, the small business mixture amongst Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the believed or expected future final results and added benefits of the put together enterprise pursuing the small business combination, foreseeable future opportunities for the blended corporation and other statements that are not historic details.
These statements are based mostly on the recent anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of precise performance. These forward-seeking statements are offered for illustrative purposes only and are not supposed to serve as, and need to not be relied on, by any trader as a promise, an assurance, a prediction or a definitive assertion of actuality or probability. Precise gatherings and situation are tricky or unachievable to forecast and will differ from assumptions. Several actual gatherings and circumstances are past the handle of Swvl and Queen’s Gambit. These statements are topic to a range of dangers and uncertainties about Swvl’s organization and the company mixture, and true success may well differ materially. These challenges and uncertainties include things like, but are not constrained to: standard economic, political and business enterprise conditions, which includes but not constrained to the economic and operational disruptions and other consequences of the COVID-19 pandemic the consequence of any authorized proceedings that may well be instituted in opposition to the events subsequent the consummation of the enterprise mix failure to recognize the predicted rewards of the organization mixture specified threats that may perhaps later on crop up as a consequence of the minimal time Queen’s Gambit experienced to carry out thanks diligence the hazard that the small business mix disrupts present-day designs and functions as a final result of the consummation of the organization blend the ability of the blended organization to execute its expansion method, take care of progress profitably and keep its crucial employees competitors with other corporations in the mobility business Swvl’s constrained working history and absence of practical experience as a general public organization the latest implementation of particular policies and methods to make sure compliance with applicable legal guidelines and regulations, like with respect to anti-bribery, anti-corruption, and cyber defense the chance that Swvl is not capable to execute its progress plan, which is dependent on speedy, global expansion the risk that Swvl is unable to appeal to and keep people and experienced drivers and other large good quality staff the chance that Swvl is not able to guard and enforce its mental residence rights the possibility that Swvl is not able to figure out rider desire to establish new offerings on its system the trouble of obtaining expected registrations, licenses, permits or approvals in jurisdictions in which Swvl at present operates or may in the potential work the reality that Swvl currently operates in and intends to grow into jurisdictions that are, or have been, characterised by political instability, may possibly have insufficient or restricted regulatory and authorized frameworks and might have minimal, if any, treaties or other arrangements in position to guard overseas financial investment or involvement the danger that Swvl’s motorists could be classified as staff, staff or quasi-workers in the jurisdictions they function the actuality that Swvl has functions in international locations regarded to knowledge significant degrees of corruption and is matter to territorial anti-corruption legislation in these jurisdictions the potential of Holdings to retain the listing of its securities on a U.S. national securities exchange pursuing the enterprise blend expenses associated to the business enterprise combination Swvl’s acquisitions of managing passions in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may perhaps not be useful to Swvl as a consequence of the value of integrating geographically disparate functions and the diversion of management’s awareness from its present organization, amongst other things and other challenges that will be thorough from time to time in filings with the U.S. Securities and Trade Commission. The foregoing record of hazard variables is not exhaustive. There may be further hazards that Swvl presently does not know or that Swvl presently thinks are immaterial that could also trigger true benefits to vary from people contained in forward-searching statements. In addition, forward-seeking statements give Swvl’s anticipations, designs or forecasts of foreseeable future functions and sights as of the date of this conversation. Swvl anticipates that subsequent functions and developments will bring about Swvl’s assessments and projections to change. Even so, though Swvl might elect to update these ahead-looking statements in the upcoming, Swvl precisely disclaims any obligation to do so. These forward-hunting statements really should not be relied upon as representing Swvl’s assessments as of any day subsequent to the date of this interaction. Accordingly, undue reliance ought to not be positioned on the ahead-hunting statements.
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