Swvl normal shares and warrants expected to start off trading on NASDAQ tomorrow under the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, absolutely committed $111.5 million PIPE and $53.3 million of hard cash held in have confidence in web of redemptions
Issue to satisfaction or waiver of certain closing situations, Swvl will have obtain to more cash by using an further PIPE dedication of $10. million and a $471.7 million fairness financing facility
Transaction that includes the to start with distinctive objective acquisition company started and led completely by women of all ages, closes on the historic very last working day of Women’s Background 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 general public and personal companies
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Organization”), a global supplier of transformative tech-enabled mass transit answers, currently declared the completion of its earlier introduced business enterprise mix with Queen’s Gambit Expansion Capital, the initially distinctive function acquisition organization launched and led totally by women of all ages (“Queen’s Gambit”) (NASDAQ: GMBT) adhering to an remarkable standard assembly of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The mixed company has modified its name to Swvl Holdings Corp. The Course A common shares and warrants of the put together enterprise will proceed to trade on NASDAQ below the ticker symbols “GMBT” and “GMBTW”, respectively, by means of these days. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A everyday shares and warrants are predicted to commence investing on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl acquired gross proceeds from the transaction of about $164.8 million from its upsized, totally dedicated $111.5 million PIPE and the receipt of close to $53.3 million of funds from Queen’s Gambit’s believe in account internet of redemptions. In addition, subject matter to the fulfillment or waiver of sure closing problems, after the closing of the business enterprise mixture Swvl will have obtain to supplemental capital by using an supplemental PIPE determination of $10. million, which it expects to shut in the 2nd quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, explained, “Finishing our business enterprise mix with Queen’s Gambit is a remarkable milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it need to be a basic correct for all. As a public firm, we system to build on Swvl’s exponential growth to day and proprietary tech-enabled system, ensuring that underserved populations have entry to options that are secure, easy and affordable. In transform, we will leverage our best-in-course workforce, set up partnerships and proprietary tech stack with differentiated remedies.”
Victoria Grace, Founder and CEO of Queen’s Gambit Growth Capital and Board Member of Swvl Holdings Corp, said, “We have been happy to spouse with Swvl, and are very enthusiastic to carry on our partnership immediately after the closing of this momentous enterprise mixture. Given that announcing our merger past calendar year, Swvl has flawlessly executed on its small business strategy. Throughout these types of time it has strategically expanded its industry-leading existence in present geographies across Africa and Asia, even though growing into other high advancement destinations throughout Europe and Latin The united states via a mix of organic launches and strategic M&A. With an set up leadership placement in crucial rising markets and sector presence across additional than 100 cities in above 20 nations on four continents, we think Swvl will continue on to capitalize on the definitely world $1 trillion mass transit marketplace prospect with substantial development at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the total Swvl organization, we would like to thank our riders, captains, colleagues, buyers and business enterprise partners for their rely on and partnership. With apparent strategic direction, a established execution observe record and a shown enterprise model, Swvl is poised to take the upcoming action in its historic evolution. With our community forex and entry to substantial pools of capital, we program to make on our modern expansions into Europe and Latin America, significant acquisitions of managing passions in Shotl, doorway2doorway and Viapool, and investments in the United kingdom and Mexico, and execute more strategic initiatives creating compelling value for buyers and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Directors and Audit Committee
Swvl Holdings Corp has selected Gbenga Oyebode to serve as a Class 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, a single of the largest legislation corporations in Nigeria. Mr. Oyebode now 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 provider as the chairman of Educate for Nigeria, director of Teach 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 Forum, Carnegie Corridor and the Ford Basis. Mr. Oyebode has formerly served on the boards of Obtain Bank Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of guidelines levels from the College of Ife and the Nigerian Regulation School and a master of legislation degree from the College of Pennsylvania. He also holds one of Nigeria’s best 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 Get of Leopold.
Swvl is a global service provider of transformative tech-enabled mass transit methods, giving intercity, intracity, B2B and B2G transportation throughout far more than 100 metropolitan areas in more than 20 nations around the world. The Firm’s system delivers complimentary semi-non-public alternatives to general public transportation for people today who can not access or pay for private alternatives. Each individual working day, Swvl’s parallel mass transit devices are empowering folks to go wherever they want, when they want – producing mobility safer, far more productive, obtainable, and environmentally welcoming. Consumers can e book their rides on an simple-to-use proprietary application with varied payment selections and 24 / 7 accessibility to substantial-good quality personal buses and vans.
Swvl was co-started by Mostafa Kandil, who launched Carmudi in the Philippines, which grew to become the greatest car classifieds platform in the place in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a journey-sharing corporation and the to start with unicorn in the Middle East, where by he introduced products and services in numerous new marketplaces.
For supplemental information about Swvl, please check out www.swvl.com.
Specified statements produced herein are not historic info but are forward-wanting statements. Ahead-on the lookout statements typically are accompanied by phrases such as “believe that,” “could,” “will,” “estimate,” “proceed,” “foresee,” “intend,” “be expecting,” “ought to,” “would,” “prepare,” “predict,” “potential,” “appear,” “look for,” “long run,” “outlook” and very similar expressions that predict or reveal long term activities or traits or that are not statements of historic matters. These ahead-searching statements incorporate, but are not restricted to, statements concerning future occasions, the business enterprise mix among Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or anticipated future benefits and positive aspects of the combined enterprise pursuing the organization mixture, long term chances for the blended company and other statements that are not historic info.
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 effectiveness. These ahead-seeking statements are supplied for illustrative needs only and are not supposed to serve as, and should not be relied on, by any trader as a warranty, an assurance, a prediction or a definitive statement of simple fact or probability. Genuine activities and instances are tough or extremely hard to forecast and will vary from assumptions. A lot of actual events and situation are over and above the regulate of Swvl and Queen’s Gambit. These statements are topic to a quantity of hazards and uncertainties relating to Swvl’s enterprise and the small business mixture, and precise results may well differ materially. These dangers and uncertainties include, but are not constrained to: standard economic, political and company disorders, which includes 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 possibly be instituted from the events adhering to the consummation of the organization mixture failure to recognize the anticipated gains of the business enterprise blend specified pitfalls that might afterwards occur as a consequence of the limited time Queen’s Gambit had to conduct because of diligence the hazard that the company mixture disrupts recent plans and functions as a final result of the consummation of the small business mix the skill of the merged firm to execute its advancement tactic, deal with development profitably and keep its key employees competitiveness with other businesses in the mobility marketplace Swvl’s minimal working background and lack of expertise as a public enterprise the latest implementation of selected policies and techniques to be certain compliance with relevant laws and regulations, which include with regard to anti-bribery, anti-corruption, and cyber protection the risk that Swvl is not capable to execute its growth system, which is dependent on swift, global enlargement the possibility that Swvl is not able to bring in and keep buyers and competent motorists and other superior excellent personnel the danger that Swvl is not able to protect and implement its mental residence legal rights the chance that Swvl is unable to decide rider desire to establish new choices on its platform the problem of getting required registrations, licenses, permits or approvals in jurisdictions in which Swvl currently operates or could in the long term work the truth that Swvl now operates in and intends to increase into jurisdictions that are, or have been, characterized by political instability, may have insufficient or constrained regulatory and lawful frameworks and may have minimal, if any, treaties or other arrangements in put to guard foreign financial commitment or involvement the hazard that Swvl’s motorists could be labeled as staff members, personnel or quasi-personnel in the jurisdictions they run the point that Swvl has functions in countries regarded to expertise high levels of corruption and is matter to territorial anti-corruption rules in these jurisdictions the potential of Holdings to retain the listing of its securities on a U.S. nationwide securities trade subsequent the business mix expenses connected to the small business mix Swvl’s acquisitions of managing pursuits in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may well not be helpful to Swvl as a consequence of the price of integrating geographically disparate functions and the diversion of management’s focus from its existing business, among the other points and other pitfalls that will be comprehensive from time to time in filings with the U.S. Securities and Trade Fee. The foregoing listing of threat components is not exhaustive. There may perhaps be further risks that Swvl presently does not know or that Swvl presently thinks are immaterial that could also bring about true results to vary from those people contained in ahead-on the lookout statements. In addition, ahead-on the lookout statements provide Swvl’s anticipations, plans or forecasts of foreseeable future situations and views as of the date of this conversation. Swvl anticipates that subsequent activities and developments will induce Swvl’s assessments and projections to adjust. However, whilst Swvl may possibly elect to update these forward-on the lookout statements in the future, Swvl specially disclaims any obligation to do so. These ahead-seeking statements really should not be relied on as symbolizing Swvl’s assessments as of any day subsequent to the date of this conversation. Accordingly, undue reliance really should not be positioned on the forward-on the lookout statements.
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