Swvl common shares and warrants expected to get started buying and selling on NASDAQ tomorrow below the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, completely dedicated $111.5 million PIPE and $53.3 million of income held in rely on web of redemptions
Subject matter to gratification or waiver of particular closing conditions, Swvl will have accessibility to additional capital by means of an supplemental PIPE motivation of $10. million and a $471.7 million fairness financing facility
Transaction showcasing the initially exclusive goal acquisition enterprise established and led totally by women of all ages, closes on the historic final working day of Women’s History Thirty day period
Addition of Gbenga Oyebode rounds out Board of Administrators and audit committee with an seasoned leader who has served on boards of community and personal corporations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a world-wide service provider of transformative tech-enabled mass transit answers, right now introduced the completion of its beforehand declared small business mixture with Queen’s Gambit Expansion Capital, the first special reason acquisition organization started and led solely by girls (“Queen’s Gambit”) (NASDAQ: GMBT) next an remarkable normal conference of Queen’s Gambit’s shareholders (the “Shareholders’ Meeting”) held on March 30, 2022. The mixed firm has altered its name to Swvl Holdings Corp. The Course A common shares and warrants of the blended enterprise will go on to trade on NASDAQ below the ticker symbols “GMBT” and “GMBTW”, respectively, by way of now. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A common shares and warrants are expected to start investing on NASDAQ beneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl acquired gross proceeds from the transaction of somewhere around $164.8 million from its upsized, fully committed $111.5 million PIPE and the receipt of about $53.3 million of income from Queen’s Gambit’s trust account net of redemptions. In addition, issue to the fulfillment or waiver of selected closing conditions, just after the closing of the company blend Swvl will have obtain to additional funds via an added PIPE determination of $10. million, which it expects to near in the 2nd quarter of 2022, and a $471.7 million equity funding facility.
Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our enterprise mix with Queen’s Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it really should be a fundamental ideal for all. As a public company, we strategy to build on Swvl’s exponential expansion to date and proprietary tech-enabled platform, making sure that underserved populations have accessibility to remedies that are safe and sound, effortless and inexpensive. In transform, we will leverage our greatest-in-course group, founded partnerships and proprietary tech stack with differentiated options.”
Victoria Grace, Founder and CEO of Queen’s Gambit Progress Money and Board Member of Swvl Holdings Corp, reported, “We have been very pleased to associate with Swvl, and are extremely thrilled to go on our romance immediately after the closing of this momentous enterprise blend. Due to the fact asserting our merger last 12 months, Swvl has flawlessly executed on its company prepare. For the duration of these kinds of time it has strategically expanded its marketplace-main existence in present geographies across Africa and Asia, when increasing into other high advancement destinations across Europe and Latin The us by way of a blend of organic launches and strategic M&A. With an proven leadership placement in key emerging marketplaces and market place presence throughout more than 100 metropolitan areas in around 20 international locations on four continents, we believe Swvl will proceed to capitalize on the really world-wide $1 trillion mass transit market chance with huge advancement at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the total Swvl business, we would like to thank our riders, captains, colleagues, traders and business associates for their have faith in and partnership. With very clear strategic way, a confirmed execution keep track of file and a demonstrated organization product, Swvl is poised to acquire the upcoming move in its historic evolution. With our public forex and access to sizeable pools of funds, we strategy to establish on our modern expansions into Europe and Latin America, main acquisitions of controlling interests in Shotl, door2doorway and Viapool, and investments in the United kingdom and Mexico, and execute further strategic initiatives generating persuasive value for investors and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Directors and Audit Committee
Swvl Holdings Corp has picked Gbenga Oyebode to provide as a Course I director on Swvl Keeping Corp’s Board of Administrators 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 most significant legislation corporations in Nigeria. Mr. Oyebode currently 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 his services as the chairman of Instruct for Nigeria, director of Instruct for All and as a member of the World wide Advisory Council of the African Management Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Centre, the African Philanthropy Forum, Carnegie Hall and the Ford Foundation. Mr. Oyebode has previously served on the boards of Entry Lender Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of guidelines degrees from the College of Ife and the Nigerian Regulation University and a grasp of guidelines diploma from the University of Pennsylvania. He also holds a single of Nigeria’s greatest honors, the Member of the Buy of the Federal Republic of Nigeria, and is a recipient of the Belgian royal honor of Knight of the Order of Leopold.
Swvl is a world-wide supplier of transformative tech-enabled mass transit methods, supplying intercity, intracity, B2B and B2G transportation across additional than 100 cities in above 20 nations. The Company’s system delivers complimentary semi-personal choices to general public transportation for people today who can not access or pay for private solutions. Each working day, Swvl’s parallel mass transit units are empowering folks to go where by they want, when they want – building mobility safer, a lot more efficient, obtainable, and environmentally pleasant. Consumers can e-book their rides on an quick-to-use proprietary application with various payment solutions and 24 / 7 entry to superior-excellent personal buses and vans.
Swvl was co-launched by Mostafa Kandil, who released Carmudi in the Philippines, which grew to become the premier vehicle classifieds system in the country in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a experience-sharing enterprise and the 1st unicorn in the Middle East, exactly where he introduced services in a number of new marketplaces.
For more facts about Swvl, remember to pay a visit to www.swvl.com.
Specific statements produced herein are not historical information but are forward-wanting statements. Ahead-looking statements commonly are accompanied by terms such as “imagine,” “may perhaps,” “will,” “estimate,” “carry on,” “anticipate,” “intend,” “hope,” “ought to,” “would,” “system,” “forecast,” “likely,” “look,” “request,” “upcoming,” “outlook” and identical expressions that forecast or suggest potential functions or developments or that are not statements of historic issues. These ahead-hunting statements involve, but are not limited to, statements concerning long term gatherings, the enterprise mix among Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or expected future outcomes and advantages of the mixed business subsequent the small business combination, foreseeable future alternatives for the combined firm and other statements that are not historical details.
These statements are dependent on the present-day expectations of Swvl and/or Queen’s Gambit’s administration and are not predictions of genuine performance. These forward-seeking statements are supplied for illustrative functions only and are not supposed to provide as, and have to not be relied on, by any trader as a assure, an assurance, a prediction or a definitive statement of truth or probability. Genuine functions and situations are difficult or unattainable to forecast and will vary from assumptions. Many real functions and situations are outside of the command of Swvl and Queen’s Gambit. These statements are subject matter to a quantity of threats and uncertainties with regards to Swvl’s business enterprise and the organization mixture, and real effects may well vary materially. These hazards and uncertainties involve, but are not minimal to: typical financial, political and organization conditions, including but not confined to the financial and operational disruptions and other results of the COVID-19 pandemic the outcome of any authorized proceedings that may be instituted towards the get-togethers following the consummation of the enterprise blend failure to know the anticipated benefits of the enterprise blend sure threats that may well later on arise as a result of the minimal time Queen’s Gambit experienced to perform owing diligence the threat that the business enterprise combination disrupts latest designs and operations as a outcome of the consummation of the enterprise mix the skill of the combined company to execute its progress system, take care of advancement profitably and keep its crucial employees competition with other companies in the mobility market Swvl’s minimal functioning history and lack of encounter as a general public corporation the latest implementation of specified procedures and procedures to make certain compliance with applicable regulations and rules, which includes with regard to anti-bribery, anti-corruption, and cyber security the chance that Swvl is not equipped to execute its progress program, which relies upon on swift, international enlargement the possibility that Swvl is not able to draw in and keep individuals and experienced drivers and other substantial quality staff the chance that Swvl is unable to protect and enforce its mental assets legal rights the hazard that Swvl is unable to establish rider desire to produce new choices on its system the issues of obtaining required registrations, licenses, permits or approvals in jurisdictions in which Swvl at this time operates or may possibly in the upcoming work the simple fact that Swvl at the moment operates in and intends to expand into jurisdictions that are, or have been, characterised by political instability, may have insufficient or constrained regulatory and legal frameworks and may perhaps have restricted, if any, treaties or other arrangements in spot to safeguard international investment decision or involvement the hazard that Swvl’s motorists could be categorized as staff members, staff or quasi-staff in the jurisdictions they function the truth that Swvl has functions in countries known to expertise large stages of corruption and is subject matter to territorial anti-corruption guidelines in these jurisdictions the capacity of Holdings to manage the listing of its securities on a U.S. nationwide securities trade subsequent the small business combination expenses relevant to the business mixture Swvl’s acquisitions of controlling pursuits in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may perhaps not be effective to Swvl as a end result of the cost of integrating geographically disparate functions and the diversion of management’s notice from its existing small business, amid other points and other dangers that will be in-depth from time to time in filings with the U.S. Securities and Trade Commission. The foregoing checklist of chance things is not exhaustive. There could be added challenges that Swvl presently does not know or that Swvl at the moment thinks are immaterial that could also result in genuine outcomes to differ from all those contained in forward-searching statements. In addition, ahead-seeking statements present Swvl’s expectations, options or forecasts of future events and sights as of the day of this interaction. Swvl anticipates that subsequent situations and developments will trigger Swvl’s assessments and projections to modify. Even so, while Swvl could elect to update these forward-searching statements in the potential, Swvl particularly disclaims any obligation to do so. These forward-looking statements need to not be relied upon as symbolizing Swvl’s assessments as of any date subsequent to the day of this interaction. Accordingly, undue reliance must not be put upon the ahead-hunting statements.
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