Swvl everyday shares and warrants anticipated to start out 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, thoroughly dedicated $111.5 million PIPE and $53.3 million of hard cash held in belief net of redemptions
Subject to satisfaction or waiver of sure closing situations, Swvl will have accessibility to added cash via an supplemental PIPE commitment of $10. million and a $471.7 million equity financing facility
Transaction showcasing the initial unique intent acquisition firm founded and led entirely by girls, closes on the historic final working day of Women’s History Month
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an seasoned chief who has served on boards of community and non-public corporations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Corporation”), a global provider of transformative tech-enabled mass transit options, now introduced the completion of its previously announced small business mix with Queen’s Gambit Development Cash, the first special purpose acquisition business launched and led fully by girls (“Queen’s Gambit”) (NASDAQ: GMBT) pursuing an extraordinary basic meeting of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The mixed organization has changed its identify to Swvl Holdings Corp. The Class A regular shares and warrants of the put together enterprise will go on to trade on NASDAQ beneath the ticker symbols “GMBT” and “GMBTW”, respectively, via currently. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A ordinary shares and warrants are anticipated to commence buying and selling on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl received gross proceeds from the transaction of approximately $164.8 million from its upsized, thoroughly dedicated $111.5 million PIPE and the receipt of close to $53.3 million of cash from Queen’s Gambit’s believe in account net of redemptions. In addition, subject matter to the fulfillment or waiver of selected closing circumstances, soon after the closing of the organization blend Swvl will have access to more funds via an further PIPE dedication of $10. million, which it expects to near in the next quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, explained, “Completing our business mixture with Queen’s Gambit is a huge milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it must be a elementary right for all. As a community corporation, we prepare to make on Swvl’s exponential advancement to day and proprietary tech-enabled platform, making sure that underserved populations have access to solutions that are safe, convenient and reasonably priced. In transform, we will leverage our greatest-in-course workforce, founded partnerships and proprietary tech stack with differentiated solutions.”
Victoria Grace, Founder and CEO of Queen’s Gambit Advancement Cash and Board Member of Swvl Holdings Corp, claimed, “We have been happy to associate with Swvl, and are really excited to carry on our connection soon after the closing of this momentous organization mixture. Given that announcing our merger very last calendar year, Swvl has flawlessly executed on its business prepare. All through such time it has strategically expanded its market place-primary presence in present geographies across Africa and Asia, even though growing into other superior growth spots across Europe and Latin The us by way of a blend of natural and organic launches and strategic M&A. With an recognized leadership place in vital rising markets and market existence across additional than 100 cities in in excess of 20 nations around the world on four continents, we consider Swvl will carry on to capitalize on the truly worldwide $1 trillion mass transit current market chance with significant growth at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the full Swvl firm, we would like to thank our riders, captains, colleagues, traders and small business associates for their have faith in and partnership. With apparent strategic route, a confirmed execution keep track of history and a shown business enterprise model, Swvl is poised to just take the upcoming move in its historic evolution. With our public forex and accessibility to significant pools of cash, we program to construct on our recent expansions into Europe and Latin The united states, big acquisitions of controlling pursuits in Shotl, door2door and Viapool, and investments in the United kingdom and Mexico, and execute further strategic initiatives producing powerful worth for traders and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee
Swvl Holdings Corp has picked Gbenga Oyebode to serve 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 previous chairman of Aluko & Oyebode, a person of the premier law companies in Nigeria. Mr. Oyebode at present serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Business and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy through his service as the chairman of Train for Nigeria, director of Educate for All and as a member of the World Advisory Council of the African Leadership Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Middle, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Foundation. Mr. Oyebode has previously served on the boards of Accessibility Financial institution Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of guidelines degrees from the University of Ife and the Nigerian Law University and a grasp of legal guidelines degree from the College of Pennsylvania. He also holds 1 of Nigeria’s maximum honors, the Member of the Order 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 worldwide supplier of transformative tech-enabled mass transit methods, offering intercity, intracity, B2B and B2G transportation throughout much more than 100 cities in above 20 nations. The Firm’s system delivers complimentary semi-non-public alternate options to community transportation for persons who are not able to access or afford non-public alternatives. Each working day, Swvl’s parallel mass transit methods are empowering people to go exactly where they want, when they want – producing mobility safer, extra economical, accessible, and environmentally helpful. Prospects can ebook their rides on an straightforward-to-use proprietary application with different payment choices and 24 / 7 access to higher-high quality personal buses and vans.
Swvl was co-launched by Mostafa Kandil, who introduced Carmudi in the Philippines, which became the greatest auto classifieds platform in the region in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a trip-sharing organization and the first unicorn in the Center East, exactly where he released services in various new marketplaces.
For more details about Swvl, you should pay a visit to www.swvl.com.
Specified statements manufactured herein are not historic facts but are ahead-searching statements. Forward-searching statements frequently are accompanied by words this sort of as “feel,” “may possibly,” “will,” “estimate,” “continue,” “foresee,” “intend,” “assume,” “ought to,” “would,” “system,” “predict,” “probable,” “seem to be,” “find,” “future,” “outlook” and very similar expressions that forecast or show long term functions or trends or that are not statements of historic issues. These forward-seeking statements include, but are not restricted to, statements concerning future events, the business enterprise mixture among the Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or predicted long term benefits and rewards of the combined business adhering to the business combination, potential alternatives for the merged organization and other statements that are not historical specifics.
These statements are based on the present-day anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of actual general performance. These forward-searching statements are furnished for illustrative functions only and are not meant to provide as, and ought to not be relied on, by any investor as a assurance, an assurance, a prediction or a definitive assertion of truth or likelihood. Genuine occasions and instances are hard or unachievable to predict and will vary from assumptions. A lot of real activities and situation are past the regulate of Swvl and Queen’s Gambit. These statements are topic to a variety of challenges and uncertainties with regards to Swvl’s small business and the business mix, and precise outcomes may possibly vary materially. These threats and uncertainties include, but are not minimal to: typical financial, political and company ailments, like but not constrained to the financial and operational disruptions and other effects of the COVID-19 pandemic the consequence of any authorized proceedings that may perhaps be instituted versus the functions adhering to the consummation of the small business combination failure to know the expected positive aspects of the organization blend specific threats that may possibly afterwards arise as a result of the constrained time Queen’s Gambit had to carry out because of diligence the hazard that the organization mixture disrupts present-day programs and operations as a result of the consummation of the business mixture the means of the merged business to execute its development system, take care of advancement profitably and retain its key staff members level of competition with other organizations in the mobility market Swvl’s minimal functioning background and lack of knowledge as a community organization new implementation of particular policies and processes to make sure compliance with applicable rules and regulations, including with respect to anti-bribery, anti-corruption, and cyber protection the chance that Swvl is not able to execute its advancement prepare, which is dependent on quick, worldwide expansion the chance that Swvl is not able to draw in and retain buyers and capable drivers and other higher high-quality personnel the danger that Swvl is not able to shield and enforce its intellectual assets rights the chance that Swvl is unable to ascertain rider desire to create new offerings on its system the issues of acquiring demanded registrations, licenses, permits or approvals in jurisdictions in which Swvl at present operates or may perhaps in the future operate the fact that Swvl currently operates in and intends to expand into jurisdictions that are, or have been, characterized by political instability, may perhaps have inadequate or confined regulatory and legal frameworks and may possibly have minimal, if any, treaties or other preparations in location to guard international expense or involvement the possibility that Swvl’s motorists could be classified as workforce, workers or quasi-personnel in the jurisdictions they work the actuality that Swvl has functions in nations around the world recognized to working experience significant levels of corruption and is subject matter to territorial anti-corruption regulations in these jurisdictions the capability of Holdings to sustain the listing of its securities on a U.S. national securities exchange adhering to the enterprise mixture costs relevant to the company mix Swvl’s acquisitions of controlling pursuits in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH might not be valuable to Swvl as a result of the charge of integrating geographically disparate operations and the diversion of management’s focus from its current company, between other issues and other dangers that will be thorough from time to time in filings with the U.S. Securities and Trade Fee. The foregoing record of risk things is not exhaustive. There may possibly be extra dangers that Swvl presently does not know or that Swvl now thinks are immaterial that could also result in true benefits to vary from people contained in ahead-looking statements. In addition, forward-hunting statements give Swvl’s expectations, programs or forecasts of long term situations and views as of the day of this conversation. Swvl anticipates that subsequent events and developments will bring about Swvl’s assessments and projections to alter. On the other hand, while Swvl might elect to update these ahead-seeking statements in the future, Swvl specifically disclaims any obligation to do so. These ahead-hunting statements must not be relied on as representing Swvl’s assessments as of any date subsequent to the day of this communication. Accordingly, undue reliance really should not be placed upon the forward-on the lookout statements.
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