Swvl normal shares and warrants anticipated to get started trading on NASDAQ tomorrow under the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, entirely fully commited $111.5 million PIPE and $53.3 million of dollars held in rely on web of redemptions
Subject matter to satisfaction or waiver of specified closing circumstances, Swvl will have obtain to additional funds via an more PIPE motivation of $10. million and a $471.7 million equity financing facility
Transaction showcasing the to start with specific function acquisition organization founded and led fully by women, closes on the historic previous day of Women’s Background 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 general public and non-public firms
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Corporation”), a world wide service provider of transformative tech-enabled mass transit options, now introduced the completion of its previously introduced organization mixture with Queen’s Gambit Progress Capital, the initial special goal acquisition enterprise established and led totally by females (“Queen’s Gambit”) (NASDAQ: GMBT) pursuing an amazing general conference of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The blended business has modified its title to Swvl Holdings Corp. The Class A normal shares and warrants of the blended business will carry on to trade on NASDAQ less than the ticker symbols “GMBT” and “GMBTW”, respectively, via currently. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A normal shares and warrants are envisioned to start investing on NASDAQ below the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl gained gross proceeds from the transaction of somewhere around $164.8 million from its upsized, thoroughly fully commited $111.5 million PIPE and the receipt of about $53.3 million of income from Queen’s Gambit’s rely on account internet of redemptions. In addition, topic to the satisfaction or waiver of sure closing problems, right after the closing of the business combination Swvl will have accessibility to additional capital through an supplemental PIPE commitment of $10. million, which it expects to near in the second quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, said, “Finishing our company mix with Queen’s Gambit is a great milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it ought to be a elementary proper for all. As a community business, we program to make on Swvl’s exponential expansion to day and proprietary tech-enabled system, guaranteeing that underserved populations have access to methods that are protected, convenient and cost-effective. In flip, we will leverage our greatest-in-class team, established partnerships and proprietary tech stack with differentiated solutions.”
Victoria Grace, Founder and CEO of Queen’s Gambit Growth Capital and Board Member of Swvl Holdings Corp, explained, “We have been proud to companion with Swvl, and are extremely energized to continue on our connection after the closing of this momentous company blend. Because asserting our merger very last year, Swvl has flawlessly executed on its enterprise program. Throughout these types of time it has strategically expanded its market-major existence in existing geographies across Africa and Asia, when increasing into other higher development spots throughout Europe and Latin America as a result of a blend of organic and natural launches and strategic M&A. With an proven management place in key rising markets and marketplace existence across far more than 100 cities in above 20 countries on four continents, we believe Swvl will continue to capitalize on the really worldwide $1 trillion mass transit current market prospect with enormous progress at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the complete Swvl organization, we would like to thank our riders, captains, colleagues, buyers and business enterprise partners for their have faith in and partnership. With apparent strategic way, a proven execution keep track of report and a demonstrated small business model, Swvl is poised to just take the next move in its historic evolution. With our public currency and entry to sizeable swimming pools of cash, we strategy to make on our modern expansions into Europe and Latin The us, significant acquisitions of controlling pursuits in Shotl, doorway2doorway and Viapool, and investments in the United kingdom and Mexico, and execute additional strategic initiatives generating powerful 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 single of the most significant regulation firms 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 way of his assistance as the chairman of Instruct for Nigeria, director of Instruct for All and as a member of the Global 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 Hall and the Ford Basis. Mr. Oyebode has earlier served on the boards of Accessibility Bank Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of guidelines levels from the University of Ife and the Nigerian Law Faculty and a master of regulations degree from the University of Pennsylvania. He also holds a person of Nigeria’s best 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 Buy of Leopold.
Swvl is a global supplier of transformative tech-enabled mass transit remedies, providing intercity, intracity, B2B and B2G transportation throughout far more than 100 metropolitan areas in over 20 international locations. The Company’s system presents complimentary semi-personal options to public transportation for individuals who are unable to obtain or find the money for private possibilities. Each individual day, Swvl’s parallel mass transit devices are empowering men and women to go the place they want, when they want – building mobility safer, far more economical, accessible, and environmentally helpful. Shoppers can reserve their rides on an effortless-to-use proprietary app with diverse payment options and 24 / 7 entry to substantial-high-quality personal buses and vans.
Swvl was co-launched by Mostafa Kandil, who introduced Carmudi in the Philippines, which grew to become the largest vehicle 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 experience-sharing enterprise and the 1st unicorn in the Center East, where he released companies in a number of new marketplaces.
For supplemental info about Swvl, remember to stop by www.swvl.com.
Particular statements designed herein are not historic information but are forward-looking statements. Ahead-on the lookout statements frequently are accompanied by terms these as “think,” “could,” “will,” “estimate,” “go on,” “foresee,” “intend,” “be expecting,” “should,” “would,” “plan,” “forecast,” “opportunity,” “seem,” “search for,” “foreseeable future,” “outlook” and similar expressions that forecast or suggest long run occasions or traits or that are not statements of historic matters. These forward-wanting statements incorporate, but are not restricted to, statements with regards to long term occasions, the business combination amid Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or predicted potential success and gains of the blended corporation pursuing the business combination, upcoming opportunities for the put together company and other statements that are not historical facts.
These statements are primarily based on the present-day anticipations of Swvl and/or Queen’s Gambit’s administration and are not predictions of real functionality. These ahead-wanting statements are offered for illustrative needs only and are not meant to provide as, and should not be relied on, by any investor as a warranty, an assurance, a prediction or a definitive assertion of truth or probability. Actual activities and situations are tricky or extremely hard to predict and will differ from assumptions. Many real gatherings and instances are past the handle of Swvl and Queen’s Gambit. These statements are subject matter to a selection of challenges and uncertainties with regards to Swvl’s enterprise and the business enterprise combination, and actual success could vary materially. These challenges and uncertainties involve, but are not constrained to: normal financial, political and company circumstances, which include but not limited to the financial and operational disruptions and other results of the COVID-19 pandemic the end result of any authorized proceedings that might be instituted towards the get-togethers adhering to the consummation of the enterprise blend failure to comprehend the expected advantages of the organization mixture specific hazards that may well afterwards occur as a final result of the minimal time Queen’s Gambit had to carry out due diligence the possibility that the organization mixture disrupts present-day programs and operations as a end result of the consummation of the business mix the capacity of the combined enterprise to execute its development method, manage expansion profitably and keep its important employees competitors with other companies in the mobility business Swvl’s confined working historical past and lack of expertise as a public corporation the latest implementation of specific procedures and treatments to guarantee compliance with applicable guidelines and laws, like with respect to anti-bribery, anti-corruption, and cyber defense the hazard that Swvl is not equipped to execute its growth plan, which relies upon on swift, global enlargement the risk that Swvl is unable to entice and keep customers and experienced motorists and other superior quality staff the risk that Swvl is unable to shield and enforce its mental residence legal rights the possibility that Swvl is not able to identify rider demand from customers to produce new offerings on its platform the problem of obtaining expected registrations, licenses, permits or approvals in jurisdictions in which Swvl now operates or may well in the long run function the truth that Swvl currently operates in and intends to broaden into jurisdictions that are, or have been, characterized by political instability, could have insufficient or limited regulatory and lawful frameworks and may possibly have confined, if any, treaties or other preparations in place to secure international investment or involvement the risk that Swvl’s drivers could be labeled as staff members, staff or quasi-employees in the jurisdictions they operate the reality that Swvl has operations in nations around the world known to working experience high concentrations of corruption and is subject to territorial anti-corruption guidelines in these jurisdictions the capability of Holdings to manage the listing of its securities on a U.S. nationwide securities exchange next the business enterprise combination expenses relevant to the business blend Swvl’s acquisitions of managing passions in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may well not be advantageous to Swvl as a end result of the price of integrating geographically disparate functions and the diversion of management’s focus from its present enterprise, between other points and other pitfalls that will be comprehensive from time to time in filings with the U.S. Securities and Trade Commission. The foregoing listing of threat components is not exhaustive. There may possibly be extra hazards that Swvl presently does not know or that Swvl at present believes are immaterial that could also trigger actual results to vary from individuals contained in forward-on the lookout statements. In addition, forward-searching statements present Swvl’s anticipations, plans or forecasts of potential functions and sights as of the day of this communication. Swvl anticipates that subsequent gatherings and developments will cause Swvl’s assessments and projections to alter. On the other hand, when Swvl may perhaps elect to update these forward-seeking statements in the future, Swvl specifically disclaims any obligation to do so. These forward-searching statements should not be relied on as symbolizing Swvl’s assessments as of any day subsequent to the day of this conversation. Appropriately, undue reliance need to not be positioned upon the forward-searching statements.
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