Swvl ordinary shares and warrants anticipated to commence trading on NASDAQ tomorrow less than the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, thoroughly committed $111.5 million PIPE and $53.3 million of dollars held in have faith in net of redemptions
Subject to fulfillment or waiver of sure closing conditions, Swvl will have accessibility to more funds by means of an extra PIPE motivation of $10. million and a $471.7 million fairness funding facility
Transaction showcasing the 1st special intent acquisition business established and led solely by women, closes on the historic last working day of Women’s Heritage Month
Addition of Gbenga Oyebode rounds out Board of Administrators and audit committee with an seasoned chief who has served on boards of public and private corporations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Corporation”), a world company of transformative tech-enabled mass transit remedies, nowadays announced the completion of its beforehand introduced company mixture with Queen’s Gambit Progress Funds, the 1st exclusive purpose acquisition business started and led completely by ladies (“Queen’s Gambit”) (NASDAQ: GMBT) subsequent an extraordinary normal assembly 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 ordinary shares and warrants of the mixed organization will go on to trade on NASDAQ less than the ticker symbols “GMBT” and “GMBTW”, respectively, through today. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A common shares and warrants are predicted to commence investing on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl obtained gross proceeds from the transaction of roughly $164.8 million from its upsized, fully fully commited $111.5 million PIPE and the receipt of roughly $53.3 million of dollars from Queen’s Gambit’s have faith in account net of redemptions. In addition, issue to the gratification or waiver of specified closing circumstances, following the closing of the company combination Swvl will have entry to supplemental funds via an additional PIPE commitment of $10. million, which it expects to near in the 2nd quarter of 2022, and a $471.7 million equity funding facility.
Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our business enterprise blend with Queen’s Gambit is a remarkable milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it need to be a essential correct for all. As a public organization, we plan to make on Swvl’s exponential progress to day and proprietary tech-enabled platform, making sure that underserved populations have entry to answers that are protected, hassle-free and very affordable. In switch, we will leverage our finest-in-course group, set up partnerships and proprietary tech stack with differentiated options.”
Victoria Grace, Founder and CEO of Queen’s Gambit Development Cash and Board Member of Swvl Holdings Corp, said, “We have been proud to associate with Swvl, and are quite enthusiastic to continue on our relationship soon after the closing of this momentous enterprise combination. Since saying our merger previous calendar year, Swvl has flawlessly executed on its small business plan. In the course of these time it has strategically expanded its industry-primary existence in current geographies across Africa and Asia, although increasing into other significant development locations across Europe and Latin The united states via a mix of organic launches and strategic M&A. With an recognized management placement in crucial rising marketplaces and market place presence throughout more than 100 cities in in excess of 20 international locations on four continents, we believe Swvl will proceed to capitalize on the actually international $1 trillion mass transit industry prospect with substantial expansion at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the overall Swvl organization, we would like to thank our riders, captains, colleagues, investors and business associates for their have faith in and partnership. With distinct strategic route, a confirmed execution keep track of record and a shown business enterprise product, Swvl is poised to just take the up coming step in its historic evolution. With our public currency and obtain to significant pools of funds, we plan to create on our the latest expansions into Europe and Latin The us, big acquisitions of managing passions in Shotl, door2doorway and Viapool, and investments in the Uk and Mexico, and execute further strategic initiatives building powerful worth for buyers and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee
Swvl Holdings Corp has chosen Gbenga Oyebode to provide as a Course I director on Swvl Holding Corp’s Board of Directors and as a member of the audit committee.
Gbenga Oyebode, age 62, is the co-founder and previous chairman of Aluko & Oyebode, just one of the largest legislation corporations in Nigeria. Mr. Oyebode at present serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Firm and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy via his services as the chairman of Train for Nigeria, director of Train 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 previously served on the boards of Obtain Lender Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of rules degrees from the College of Ife and the Nigerian Legislation School and a learn of guidelines diploma from the University of Pennsylvania. He also holds 1 of Nigeria’s optimum honors, the Member of the Purchase 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 global company of transformative tech-enabled mass transit remedies, featuring intercity, intracity, B2B and B2G transportation throughout additional than 100 cities in about 20 nations. The Firm’s system gives complimentary semi-private choices to general public transportation for folks who are unable to access or afford to pay for private selections. Each individual working day, Swvl’s parallel mass transit systems are empowering men and women to go where by they want, when they want – earning mobility safer, extra successful, accessible, and environmentally friendly. Clients can book their rides on an effortless-to-use proprietary application with various payment solutions and 24 / 7 entry to large-high-quality private buses and vans.
Swvl was co-established by Mostafa Kandil, who introduced Carmudi in the Philippines, which turned the greatest auto 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 very first unicorn in the Middle East, wherever he released providers in a number of new marketplaces.
For further facts about Swvl, be sure to visit www.swvl.com.
Certain statements built herein are not historical details but are forward-wanting statements. Forward-hunting statements generally are accompanied by text these types of as “believe,” “may possibly,” “will,” “estimate,” “go on,” “anticipate,” “intend,” “expect,” “must,” “would,” “approach,” “predict,” “probable,” “look,” “look for,” “long term,” “outlook” and comparable expressions that predict or reveal potential gatherings or tendencies or that are not statements of historical matters. These forward-looking statements incorporate, but are not confined to, statements relating to long run activities, the enterprise mix amid Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the believed or anticipated long run results and advantages of the combined business following the business enterprise mix, upcoming chances for the blended business and other statements that are not historic points.
These statements are primarily based on the current expectations of Swvl and/or Queen’s Gambit’s administration and are not predictions of true general performance. These ahead-wanting statements are provided for illustrative uses only and are not meant to serve as, and have to not be relied on, by any trader as a guarantee, an assurance, a prediction or a definitive assertion of fact or probability. Genuine occasions and situations are tricky or not possible to forecast and will differ from assumptions. Lots of actual activities and instances are outside of the manage of Swvl and Queen’s Gambit. These statements are subject matter to a range of pitfalls and uncertainties pertaining to Swvl’s business and the enterprise mix, and real benefits could differ materially. These threats and uncertainties consist of, but are not minimal to: general financial, political and business disorders, including but not confined to the economic and operational disruptions and other results of the COVID-19 pandemic the result of any authorized proceedings that could be instituted from the functions pursuing the consummation of the business combination failure to notice the predicted gains of the small business combination sure threats that could afterwards occur as a final result of the constrained time Queen’s Gambit had to carry out because of diligence the possibility that the business mix disrupts current designs and functions as a consequence of the consummation of the business enterprise combination the capacity of the blended organization to execute its development system, take care of advancement profitably and keep its important staff levels of competition with other firms in the mobility business Swvl’s limited operating history and absence of experience as a public firm current implementation of particular procedures and methods to make certain compliance with applicable guidelines and rules, including with regard to anti-bribery, anti-corruption, and cyber safety the hazard that Swvl is not ready to execute its advancement strategy, which depends on quick, worldwide enlargement the hazard that Swvl is not able to attract and keep customers and competent drivers and other large top quality staff the danger that Swvl is unable to defend and implement its intellectual home legal rights the hazard that Swvl is unable to ascertain rider need to establish new offerings on its system the problems of getting necessary registrations, licenses, permits or approvals in jurisdictions in which Swvl at the moment operates or may perhaps in the foreseeable future run the fact that Swvl now operates in and intends to grow into jurisdictions that are, or have been, characterized by political instability, might have inadequate or confined regulatory and legal frameworks and may possibly have minimal, if any, treaties or other arrangements in location to defend international expense or involvement the risk that Swvl’s drivers could be labeled as staff, employees or quasi-staff members in the jurisdictions they function the truth that Swvl has operations in nations known to expertise substantial amounts of corruption and is subject matter to territorial anti-corruption laws in these jurisdictions the capability of Holdings to retain the listing of its securities on a U.S. nationwide securities exchange subsequent the business blend charges relevant to the company combination Swvl’s acquisitions of controlling interests in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH may well not be effective to Swvl as a result of the price tag of integrating geographically disparate functions and the diversion of management’s awareness from its current business, among the other issues and other hazards that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing checklist of hazard factors is not exhaustive. There may well be further hazards that Swvl presently does not know or that Swvl presently thinks are immaterial that could also trigger actual success to differ from those contained in ahead-on the lookout statements. In addition, ahead-hunting statements give Swvl’s anticipations, ideas or forecasts of long term occasions and sights as of the day of this communication. Swvl anticipates that subsequent events and developments will cause Swvl’s assessments and projections to alter. However, even though Swvl may possibly elect to update these ahead-on the lookout statements in the long run, Swvl specifically disclaims any obligation to do so. These ahead-wanting 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 should not be put on the ahead-wanting statements.
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