Swvl everyday shares and warrants predicted to get started investing on NASDAQ tomorrow below the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, completely committed $111.5 million PIPE and $53.3 million of income held in trust internet of redemptions
Subject to fulfillment or waiver of certain closing conditions, Swvl will have entry to more capital by using an more PIPE commitment of $10. million and a $471.7 million fairness funding facility
Transaction showcasing the first special purpose acquisition corporation launched and led solely by gals, closes on the historic previous 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 general public and personal businesses
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Organization”), a world-wide provider of transformative tech-enabled mass transit solutions, currently declared the completion of its earlier declared business blend with Queen’s Gambit Growth Money, the first special objective acquisition company founded and led fully by women of all ages (“Queen’s Gambit”) (NASDAQ: GMBT) following an extraordinary typical conference of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The put together organization has adjusted its identify to Swvl Holdings Corp. The Course A regular shares and warrants of the combined firm will continue on to trade on NASDAQ beneath the ticker symbols “GMBT” and “GMBTW”, respectively, through these days. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A standard shares and warrants are expected to start trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl obtained gross proceeds from the transaction of somewhere around $164.8 million from its upsized, fully dedicated $111.5 million PIPE and the receipt of close to $53.3 million of cash from Queen’s Gambit’s believe in account web of redemptions. In addition, subject to the pleasure or waiver of sure closing ailments, after the closing of the enterprise mix Swvl will have access to supplemental money by using an additional PIPE determination of $10. million, which it expects to close in the second quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, reported, “Completing our business enterprise blend 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 elementary proper for all. As a public organization, we system to develop on Swvl’s exponential progress to date and proprietary tech-enabled platform, ensuring that underserved populations have obtain to alternatives that are harmless, handy and economical. In change, we will leverage our finest-in-course workforce, recognized partnerships and proprietary tech stack with differentiated solutions.”
Victoria Grace, Founder and CEO of Queen’s Gambit Development Capital and Board Member of Swvl Holdings Corp, stated, “We have been happy to spouse with Swvl, and are very psyched to go on our relationship right after the closing of this momentous business enterprise mixture. Given that asserting our merger final year, Swvl has flawlessly executed on its small business prepare. During these kinds of time it has strategically expanded its industry-main existence in existing geographies throughout Africa and Asia, while expanding into other high advancement areas across Europe and Latin America via a mixture of organic and natural launches and strategic M&A. With an recognized leadership situation in important rising marketplaces and industry existence throughout additional than 100 metropolitan areas in in excess of 20 countries on 4 continents, we believe that Swvl will carry on to capitalize on the really worldwide $1 trillion mass transit industry prospect with significant advancement at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the overall Swvl business, we would like to thank our riders, captains, colleagues, buyers and business enterprise partners for their have confidence in and partnership. With obvious strategic course, a tested execution keep track of history and a demonstrated company model, Swvl is poised to choose the following stage in its historic evolution. With our general public currency and accessibility to substantial swimming pools of funds, we prepare to construct on our recent expansions into Europe and Latin America, main acquisitions of controlling interests in Shotl, door2door and Viapool, and investments in the United kingdom and Mexico, and execute even further strategic initiatives building powerful price for buyers and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Directors and Audit Committee
Swvl Holdings Corp has chosen Gbenga Oyebode to serve as a Class I director on Swvl Holding 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, one of the major law companies in Nigeria. Mr. Oyebode now serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Firm and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy as a result of his services as the chairman of Train for Nigeria, director of Train 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 Centre, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Basis. Mr. Oyebode has formerly served on the boards of Obtain Bank Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of legislation degrees from the University of Ife and the Nigerian Law School and a grasp of rules degree from the College of Pennsylvania. He also retains 1 of Nigeria’s highest 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 provider of transformative tech-enabled mass transit remedies, giving intercity, intracity, B2B and B2G transportation throughout a lot more than 100 towns in about 20 countries. The Firm’s platform presents complimentary semi-non-public possibilities to general public transportation for individuals who can not accessibility or manage personal selections. Every day, Swvl’s parallel mass transit techniques are empowering individuals to go the place they want, when they want – producing mobility safer, a lot more productive, obtainable, and environmentally friendly. Customers can ebook their rides on an easy-to-use proprietary app with varied payment selections and 24 / 7 accessibility to substantial-high-quality personal buses and vans.
Swvl was co-founded by Mostafa Kandil, who introduced Carmudi in the Philippines, which grew to become the premier vehicle classifieds system in the nation in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a experience-sharing corporation and the to start with unicorn in the Center East, the place he launched providers in multiple new markets.
For more data about Swvl, be sure to pay a visit to www.swvl.com.
Specific statements made herein are not historic specifics but are forward-hunting statements. Ahead-searching statements generally are accompanied by terms these types of as “feel,” “may perhaps,” “will,” “estimate,” “go on,” “anticipate,” “intend,” “hope,” “really should,” “would,” “approach,” “forecast,” “possible,” “feel,” “search for,” “upcoming,” “outlook” and similar expressions that predict or indicate potential situations or trends or that are not statements of historical matters. These ahead-searching statements incorporate, but are not minimal to, statements relating to long run gatherings, the organization blend among Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or anticipated long term outcomes and rewards of the blended company subsequent the business mix, potential alternatives for the put together organization and other statements that are not historical information.
These statements are based mostly on the present-day anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of real overall performance. These forward-on the lookout statements are offered for illustrative reasons only and are not intended to serve as, and must not be relied on, by any investor as a assure, an assurance, a prediction or a definitive assertion of reality or likelihood. Real gatherings and circumstances are tough or impossible to forecast and will differ from assumptions. Many genuine activities and situation are beyond the control of Swvl and Queen’s Gambit. These statements are subject to a quantity of challenges and uncertainties with regards to Swvl’s enterprise and the company combination, and genuine benefits may perhaps differ materially. These hazards and uncertainties contain, but are not confined to: typical financial, political and business enterprise circumstances, which includes but not restricted to the economic and operational disruptions and other consequences of the COVID-19 pandemic the result of any lawful proceedings that may perhaps be instituted in opposition to the parties adhering to the consummation of the organization blend failure to realize the predicted rewards of the organization mix particular challenges that may later arise as a end result of the constrained time Queen’s Gambit had to perform owing diligence the hazard that the business mixture disrupts current options and operations as a final result of the consummation of the business enterprise mix the capacity of the combined organization to execute its growth tactic, deal with progress profitably and keep its key workforce opposition with other providers in the mobility field Swvl’s constrained operating background and deficiency of expertise as a community firm latest implementation of particular procedures and strategies to be certain compliance with relevant guidelines and laws, including with respect to anti-bribery, anti-corruption, and cyber safety the danger that Swvl is not equipped to execute its progress prepare, which depends on swift, worldwide expansion the threat that Swvl is not able to draw in and retain shoppers and certified drivers and other substantial quality personnel the danger that Swvl is not able to secure and implement its intellectual assets legal rights the threat that Swvl is unable to determine rider need to establish new offerings on its system the difficulty of getting needed registrations, licenses, permits or approvals in jurisdictions in which Swvl at present operates or could in the upcoming operate the point that Swvl presently operates in and intends to broaden into jurisdictions that are, or have been, characterized by political instability, may possibly have insufficient or limited regulatory and legal frameworks and could have constrained, if any, treaties or other preparations in area to defend foreign expense or involvement the hazard that Swvl’s drivers could be categorised as personnel, staff or quasi-personnel in the jurisdictions they operate the reality that Swvl has operations in nations identified to expertise superior stages of corruption and is topic to territorial anti-corruption guidelines in these jurisdictions the capacity of Holdings to maintain the listing of its securities on a U.S. nationwide securities exchange adhering to the organization blend charges relevant to the business blend Swvl’s acquisitions of managing passions in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH may well not be effective to Swvl as a end result of the expense of integrating geographically disparate functions and the diversion of management’s notice from its present company, among other factors and other risks that will be thorough from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing record of threat elements is not exhaustive. There may perhaps be additional threats that Swvl presently does not know or that Swvl at the moment believes are immaterial that could also induce precise results to vary from these contained in ahead-seeking statements. In addition, forward-searching statements provide Swvl’s expectations, programs or forecasts of upcoming events and views as of the day of this conversation. Swvl anticipates that subsequent occasions and developments will lead to Swvl’s assessments and projections to improve. Even so, even though Swvl may elect to update these forward-looking statements in the upcoming, Swvl especially disclaims any obligation to do so. These forward-on the lookout statements should really not be relied upon as symbolizing Swvl’s assessments as of any day subsequent to the day of this communication. Appropriately, undue reliance really should not be put on the forward-looking statements.
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