Swvl common shares and warrants predicted to begin 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, totally fully commited $111.5 million PIPE and $53.3 million of money held in believe in web of redemptions
Topic to gratification or waiver of specified closing situations, Swvl will have entry to additional capital via an further PIPE determination of $10. million and a $471.7 million fairness financing facility
Transaction featuring the initially special purpose acquisition firm founded and led entirely by ladies, closes on the historic last working day of Women’s Record Thirty day period
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an expert leader who has served on boards of public and personal corporations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a worldwide supplier of transformative tech-enabled mass transit alternatives, right now introduced the completion of its formerly introduced business mixture with Queen’s Gambit Development Money, the first specific intent acquisition firm founded and led entirely by women (“Queen’s Gambit”) (NASDAQ: GMBT) adhering to an extraordinary standard conference of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The blended corporation has changed its title to Swvl Holdings Corp. The Class A everyday shares and warrants of the mixed firm will keep on to trade on NASDAQ below the ticker symbols “GMBT” and “GMBTW”, respectively, by way of nowadays. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A regular shares and warrants are expected to commence buying and selling on NASDAQ below the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl been given gross proceeds from the transaction of about $164.8 million from its upsized, fully committed $111.5 million PIPE and the receipt of about $53.3 million of hard cash from Queen’s Gambit’s have faith in account internet of redemptions. In addition, matter to the gratification or waiver of selected closing circumstances, soon after the closing of the company blend Swvl will have accessibility to extra cash through an additional PIPE commitment of $10. million, which it expects to close in the next quarter of 2022, and a $471.7 million equity funding facility.
Mostafa Kandil, Swvl Founder and CEO, explained, “Completing our organization mix 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 really be a essential appropriate for all. As a public corporation, we program to establish on Swvl’s exponential progress to day and proprietary tech-enabled platform, guaranteeing that underserved populations have obtain to methods that are secure, easy and inexpensive. In switch, we will leverage our ideal-in-course group, set up partnerships and proprietary tech stack with differentiated alternatives.”
Victoria Grace, Founder and CEO of Queen’s Gambit Expansion Capital and Board Member of Swvl Holdings Corp, stated, “We have been very pleased to lover with Swvl, and are very enthusiastic to go on our relationship just after the closing of this momentous company combination. Considering the fact that saying our merger final year, Swvl has flawlessly executed on its business enterprise prepare. Through these time it has strategically expanded its current market-major presence in existing geographies throughout Africa and Asia, whilst increasing into other substantial growth spots throughout Europe and Latin The usa as a result of a mixture of organic launches and strategic M&A. With an set up leadership placement in vital rising marketplaces and market place existence across much more than 100 towns in over 20 countries on 4 continents, we imagine Swvl will keep on to capitalize on the definitely worldwide $1 trillion mass transit current market chance with significant expansion at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the overall Swvl group, we would like to thank our riders, captains, colleagues, investors and business enterprise companions for their trust and partnership. With crystal clear strategic route, a confirmed execution monitor record and a shown organization product, Swvl is poised to take the future action in its historic evolution. With our public forex and access to sizeable pools of capital, we system to develop on our new expansions into Europe and Latin The usa, key acquisitions of controlling passions in Shotl, door2door and Viapool, and investments in the United kingdom and Mexico, and execute even more strategic initiatives making compelling price 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 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, 1 of the premier legislation corporations in Nigeria. Mr. Oyebode at the moment 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 by his services as the chairman of Educate for Nigeria, director of Instruct for All and as a member of the International 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 Foundation. Mr. Oyebode has beforehand served on the boards of Obtain Lender Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of guidelines degrees from the College of Ife and the Nigerian Regulation University and a master of legislation degree from the University of Pennsylvania. He also retains 1 of Nigeria’s maximum honors, the Member of the Get of the Federal Republic of Nigeria, and is a receiver of the Belgian royal honor of Knight of the Get of Leopold.
Swvl is a world company of transformative tech-enabled mass transit answers, featuring intercity, intracity, B2B and B2G transportation throughout far more than 100 metropolitan areas in over 20 international locations. The Company’s system supplies complimentary semi-non-public choices to general public transportation for men and women who are unable to access or afford personal possibilities. Each individual day, Swvl’s parallel mass transit techniques are empowering folks to go the place they want, when they want – building mobility safer, extra productive, obtainable, and environmentally pleasant. Consumers can guide their rides on an effortless-to-use proprietary application with diversified payment options and 24 / 7 access to substantial-excellent private buses and vans.
Swvl was co-founded by Mostafa Kandil, who released Carmudi in the Philippines, which turned the premier motor vehicle classifieds system in the nation in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a experience-sharing corporation and the 1st unicorn in the Middle East, in which he launched expert services in various new markets.
For supplemental details about Swvl, please pay a visit to www.swvl.com.
Certain statements manufactured herein are not historic specifics but are ahead-wanting statements. Forward-hunting statements frequently are accompanied by words these as “believe that,” “might,” “will,” “estimate,” “continue on,” “anticipate,” “intend,” “be expecting,” “need to,” “would,” “program,” “forecast,” “possible,” “feel,” “seek out,” “foreseeable future,” “outlook” and very similar expressions that forecast or point out future occasions or developments or that are not statements of historic issues. These ahead-wanting statements incorporate, but are not restricted to, statements relating to long run events, the company combination amongst Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or predicted future outcomes and rewards of the blended enterprise adhering to the company blend, long term alternatives for the combined enterprise and other statements that are not historic specifics.
These statements are based mostly on the latest expectations of Swvl and/or Queen’s Gambit’s management and are not predictions of precise efficiency. These ahead-searching statements are provided for illustrative purposes only and are not supposed to serve as, and must not be relied on, by any trader as a guarantee, an assurance, a prediction or a definitive assertion of point or likelihood. True gatherings and instances are complicated or difficult to forecast and will vary from assumptions. Quite a few precise occasions and instances are further than the control of Swvl and Queen’s Gambit. These statements are issue to a range of dangers and uncertainties with regards to Swvl’s business enterprise and the enterprise mixture, and real results may vary materially. These pitfalls and uncertainties consist of, but are not confined to: common economic, political and business disorders, like but not constrained to the financial and operational disruptions and other outcomes of the COVID-19 pandemic the final result of any legal proceedings that may be instituted from the parties next the consummation of the enterprise blend failure to realize the predicted advantages of the organization combination sure dangers that may well later on crop up as a end result of the limited time Queen’s Gambit experienced to perform because of diligence the risk that the business blend disrupts present-day ideas and operations as a result of the consummation of the organization mix the means of the put together business to execute its progress technique, take care of expansion profitably and keep its key personnel levels of competition with other organizations in the mobility sector Swvl’s minimal functioning history and absence of experience as a community enterprise modern implementation of particular guidelines and treatments to guarantee compliance with applicable legislation and restrictions, such as with respect to anti-bribery, anti-corruption, and cyber protection the threat that Swvl is not able to execute its expansion plan, which is dependent on quick, worldwide growth the possibility that Swvl is not able to catch the attention of and retain customers and skilled motorists and other higher good quality staff the risk that Swvl is unable to safeguard and enforce its intellectual assets legal rights the risk that Swvl is unable to establish rider need to produce new offerings on its system the trouble of acquiring required registrations, licenses, permits or approvals in jurisdictions in which Swvl now operates or could in the upcoming run the reality that Swvl presently operates in and intends to broaden into jurisdictions that are, or have been, characterised by political instability, could have insufficient or restricted regulatory and legal frameworks and may have limited, if any, treaties or other arrangements in location to guard foreign financial commitment or involvement the chance that Swvl’s drivers could be labeled as employees, staff or quasi-workforce in the jurisdictions they function the fact that Swvl has operations in international locations acknowledged to expertise substantial stages of corruption and is topic to territorial anti-corruption legal guidelines in these jurisdictions the capability of Holdings to preserve the listing of its securities on a U.S. countrywide securities trade adhering to the business blend expenses connected to the organization mix Swvl’s acquisitions of controlling pursuits in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH might not be advantageous to Swvl as a end result of the price of integrating geographically disparate functions and the diversion of management’s interest from its current enterprise, among the other matters and other hazards that will be in-depth from time to time in filings with the U.S. Securities and Trade Commission. The foregoing list of danger aspects is not exhaustive. There may perhaps be extra challenges that Swvl presently does not know or that Swvl at the moment believes are immaterial that could also induce real success to vary from those people contained in ahead-seeking statements. In addition, forward-seeking statements present Swvl’s anticipations, plans or forecasts of long run events and sights as of the date of this conversation. Swvl anticipates that subsequent events and developments will cause Swvl’s assessments and projections to alter. However, whilst Swvl could elect to update these forward-looking statements in the long run, Swvl precisely disclaims any obligation to do so. These forward-on the lookout statements need to not be relied upon as representing Swvl’s assessments as of any day subsequent to the date of this interaction. Appropriately, undue reliance ought to not be put on the forward-wanting statements.
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