Swvl everyday shares and warrants predicted to get started investing on NASDAQ tomorrow underneath 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 hard cash held in belief net of redemptions
Matter to gratification or waiver of specific closing ailments, Swvl will have entry to more capital by means of an more PIPE commitment of $10. million and a $471.7 million fairness funding facility
Transaction featuring the initial special reason acquisition firm established and led totally by ladies, closes on the historic previous working day of Women’s Background Thirty day period
Addition of Gbenga Oyebode rounds out Board of Administrators and audit committee with an skilled leader who has served on boards of public and personal businesses
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a world-wide supplier of transformative tech-enabled mass transit options, today introduced the completion of its beforehand announced company blend with Queen’s Gambit Development Funds, the to start with unique objective acquisition organization started and led totally by women (“Queen’s Gambit”) (NASDAQ: GMBT) subsequent an extraordinary basic assembly of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The combined company has transformed its identify to Swvl Holdings Corp. The Course A common shares and warrants of the mixed organization will continue on to trade on NASDAQ under the ticker symbols “GMBT” and “GMBTW”, respectively, by these days. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A standard shares and warrants are expected to start buying and selling on NASDAQ beneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl gained gross proceeds from the transaction of roughly $164.8 million from its upsized, absolutely fully commited $111.5 million PIPE and the receipt of roughly $53.3 million of money from Queen’s Gambit’s trust account net of redemptions. In addition, topic to the satisfaction or waiver of specified closing circumstances, after the closing of the company blend Swvl will have accessibility to additional cash by way of an more PIPE determination of $10. million, which it expects to shut in the second quarter of 2022, and a $471.7 million equity funding facility.
Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our small business combination with Queen’s Gambit is a large milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it must be a fundamental right for all. As a community organization, we system to build on Swvl’s exponential advancement to date and proprietary tech-enabled system, making certain that underserved populations have obtain to options that are harmless, effortless and inexpensive. In switch, we will leverage our very best-in-course crew, proven partnerships and proprietary tech stack with differentiated remedies.”
Victoria Grace, Founder and CEO of Queen’s Gambit Growth Funds and Board Member of Swvl Holdings Corp, explained, “We have been happy to companion with Swvl, and are pretty thrilled to go on our marriage just after the closing of this momentous company mix. Because announcing our merger final 12 months, Swvl has flawlessly executed on its small business approach. All through such time it has strategically expanded its industry-main presence in current geographies across Africa and Asia, whilst expanding into other high expansion areas across Europe and Latin The united states through a mix of organic and natural launches and strategic M&A. With an proven management posture in critical rising markets and sector existence across extra than 100 cities in above 20 nations around the world on 4 continents, we believe Swvl will keep on to capitalize on the really world-wide $1 trillion mass transit market place prospect with enormous growth at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the complete Swvl group, we would like to thank our riders, captains, colleagues, investors and business enterprise associates for their rely on and partnership. With distinct strategic course, a proven execution track record and a demonstrated enterprise product, Swvl is poised to consider the future action in its historic evolution. With our public currency and obtain to substantial pools of cash, we system to build on our recent expansions into Europe and Latin America, main acquisitions of controlling passions in Shotl, doorway2door and Viapool, and investments in the United kingdom and Mexico, and execute even more strategic initiatives developing powerful worth for investors 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, one of the largest legislation companies in Nigeria. Mr. Oyebode now serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Company and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy by way of his support as the chairman of Educate for Nigeria, director of Educate for All and as a member of the World Advisory Council of the African Management Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Center, the African Philanthropy Forum, Carnegie Hall and the Ford Basis. Mr. Oyebode has beforehand served on the boards of Access Bank Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of legal guidelines levels from the College of Ife and the Nigerian Regulation School and a grasp of legislation degree from the College of Pennsylvania. He also holds one particular of Nigeria’s greatest 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 world-wide company of transformative tech-enabled mass transit options, supplying intercity, intracity, B2B and B2G transportation across a lot more than 100 cities in in excess of 20 countries. The Company’s platform provides complimentary semi-personal alternatives to community transportation for persons who cannot access or manage private choices. Each and every day, Swvl’s parallel mass transit systems are empowering people today to go wherever they want, when they want – making mobility safer, more efficient, available, and environmentally friendly. Clients can reserve their rides on an quick-to-use proprietary app with diversified payment selections and 24 / 7 access to substantial-quality private buses and vans.
Swvl was co-started by Mostafa Kandil, who launched Carmudi in the Philippines, which turned the premier motor vehicle classifieds platform in the state in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a ride-sharing firm and the initially unicorn in the Middle East, exactly where he released providers in several new marketplaces.
For supplemental data about Swvl, remember to pay a visit to www.swvl.com.
Specified statements manufactured herein are not historic points but are forward-wanting statements. Forward-seeking statements usually are accompanied by phrases these as “believe,” “might,” “will,” “estimate,” “keep on,” “anticipate,” “intend,” “be expecting,” “really should,” “would,” “plan,” “forecast,” “potential,” “look,” “seek,” “upcoming,” “outlook” and identical expressions that predict or reveal future events or trends or that are not statements of historical issues. These ahead-on the lookout statements involve, but are not restricted to, statements concerning potential situations, the business enterprise blend between Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or predicted long term benefits and benefits of the blended organization subsequent the small business mixture, upcoming chances for the mixed enterprise and other statements that are not historical information.
These statements are centered on the latest anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of real performance. These forward-hunting statements are delivered for illustrative needs only and are not supposed to serve as, and should not be relied on, by any investor as a promise, an assurance, a prediction or a definitive statement of point or chance. Real gatherings and situations are tricky or unattainable to predict and will vary from assumptions. Quite a few genuine activities and instances are outside of the command of Swvl and Queen’s Gambit. These statements are issue to a quantity of challenges and uncertainties about Swvl’s business and the enterprise combination, and true benefits may possibly differ materially. These challenges and uncertainties consist of, but are not limited to: typical economic, political and small business disorders, including but not restricted to the financial and operational disruptions and other consequences of the COVID-19 pandemic the consequence of any lawful proceedings that may well be instituted towards the events subsequent the consummation of the business enterprise mix failure to know the anticipated benefits of the company mix specific hazards that may well later on crop up as a outcome of the restricted time Queen’s Gambit experienced to carry out due diligence the possibility that the business enterprise blend disrupts existing designs and operations as a consequence of the consummation of the company combination the capacity of the combined business to execute its advancement method, regulate growth profitably and retain its key staff levels of competition with other providers in the mobility marketplace Swvl’s confined running record and deficiency of experience as a community enterprise recent implementation of particular insurance policies and methods to guarantee compliance with relevant laws and polices, including with regard to anti-bribery, anti-corruption, and cyber safety the chance that Swvl is not ready to execute its development system, which depends on rapid, global expansion the chance that Swvl is unable to catch the attention of and keep shoppers and capable drivers and other significant top quality staff the possibility that Swvl is not able to protect and enforce its intellectual home legal rights the threat that Swvl is not able to figure out rider demand to build new choices on its platform the problem of getting necessary registrations, licenses, permits or approvals in jurisdictions in which Swvl at present operates or may well in the upcoming work the truth that Swvl at this time operates in and intends to increase into jurisdictions that are, or have been, characterized by political instability, may perhaps have inadequate or restricted regulatory and lawful frameworks and may have restricted, if any, treaties or other preparations in put to guard foreign financial investment or involvement the threat that Swvl’s motorists could be classified as staff, personnel or quasi-staff members in the jurisdictions they operate the truth that Swvl has functions in international locations recognised to working experience high ranges of corruption and is subject to territorial anti-corruption laws in these jurisdictions the means of Holdings to preserve the listing of its securities on a U.S. nationwide securities trade pursuing the enterprise combination fees linked to the organization combination Swvl’s acquisitions of controlling passions in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH might not be effective to Swvl as a final result of the price tag of integrating geographically disparate operations and the diversion of management’s interest from its current business, among other items and other hazards that will be specific from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing list of hazard variables is not exhaustive. There could be additional threats that Swvl presently does not know or that Swvl at the moment thinks are immaterial that could also induce true effects to vary from those people contained in ahead-hunting statements. In addition, ahead-looking statements give Swvl’s expectations, options or forecasts of potential functions and sights as of the date of this interaction. Swvl anticipates that subsequent gatherings and developments will lead to Swvl’s assessments and projections to modify. Nevertheless, although Swvl might elect to update these forward-searching statements in the long term, Swvl specially disclaims any obligation to do so. These ahead-wanting statements must not be relied on as symbolizing Swvl’s assessments as of any day subsequent to the date of this communication. Appropriately, undue reliance ought to not be put upon the forward-hunting statements.
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