Swvl normal shares and warrants envisioned to get started investing on NASDAQ tomorrow less than the symbols “SWVL” and “SWVLW,” respectively
Gross proceeds to Swvl from the transaction of $164.8 million from upsized, absolutely fully commited $111.5 million PIPE and $53.3 million of funds held in trust net of redemptions
Topic to gratification or waiver of specified closing ailments, Swvl will have access to more cash through an further PIPE motivation of $10. million and a $471.7 million equity financing facility
Transaction that includes the 1st particular goal acquisition business started and led fully by females, closes on the historic previous day of Women’s Historical past Month
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an expert chief who has served on boards of general public and non-public providers
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Enterprise”), a world-wide provider of transformative tech-enabled mass transit alternatives, currently introduced the completion of its previously announced enterprise mix with Queen’s Gambit Progress Cash, the 1st particular reason acquisition enterprise founded and led completely by ladies (“Queen’s Gambit”) (NASDAQ: GMBT) pursuing an incredible standard conference of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The put together company has improved its identify to Swvl Holdings Corp. The Class A ordinary shares and warrants of the merged organization will go on to trade on NASDAQ less than the ticker symbols “GMBT” and “GMBTW”, respectively, via today. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A ordinary shares and warrants are anticipated to start trading on NASDAQ underneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl obtained gross proceeds from the transaction of about $164.8 million from its upsized, absolutely dedicated $111.5 million PIPE and the receipt of about $53.3 million of income from Queen’s Gambit’s have confidence in account net of redemptions. In addition, issue to the pleasure or waiver of particular closing problems, immediately after the closing of the business enterprise blend Swvl will have obtain to supplemental funds by means of an more PIPE dedication of $10. million, which it expects to shut in the next quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our company mixture with Queen’s Gambit is a great milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should really be a essential suitable for all. As a general public enterprise, we plan to establish on Swvl’s exponential advancement to day and proprietary tech-enabled platform, making sure that underserved populations have obtain to alternatives that are risk-free, practical and reasonably priced. In convert, we will leverage our very best-in-course team, proven partnerships and proprietary tech stack with differentiated methods.”
Victoria Grace, Founder and CEO of Queen’s Gambit Progress Cash and Board Member of Swvl Holdings Corp, reported, “We have been happy to partner with Swvl, and are pretty psyched to keep on our romantic relationship immediately after the closing of this momentous small business mixture. Due to the fact announcing our merger last calendar year, Swvl has flawlessly executed on its organization approach. Throughout these types of time it has strategically expanded its industry-main presence in existing geographies across Africa and Asia, while growing into other higher progress destinations across Europe and Latin The united states by way of a mix of natural and organic launches and strategic M&A. With an proven management position in key emerging marketplaces and marketplace existence across a lot more than 100 cities in over 20 international locations on four continents, we think Swvl will keep on to capitalize on the actually world wide $1 trillion mass transit market place option with significant growth at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the total Swvl firm, we would like to thank our riders, captains, colleagues, traders and business partners for their rely on and partnership. With apparent strategic direction, a verified execution keep track of document and a demonstrated company product, Swvl is poised to take the future stage in its historic evolution. With our community currency and entry to significant pools of money, we approach to establish on our recent expansions into Europe and Latin The united states, key acquisitions of controlling interests in Shotl, doorway2doorway and Viapool, and investments in the British isles and Mexico, and execute additional strategic initiatives producing compelling value for traders and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Directors and Audit Committee
Swvl Holdings Corp has selected 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 biggest legislation firms in Nigeria. Mr. Oyebode now 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 by means of his services as the chairman of Educate for Nigeria, director of Train 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 Middle, the African Philanthropy Forum, Carnegie Corridor and the Ford Foundation. Mr. Oyebode has earlier served on the boards of Obtain Bank Plc and MTN Nigeria Plc.
Mr. Oyebode retains bachelor of rules levels from the College of Ife and the Nigerian Regulation Faculty and a grasp of legislation diploma from the College of Pennsylvania. He also retains 1 of Nigeria’s greatest honors, the Member of the Order of the Federal Republic of Nigeria, and is a recipient of the Belgian royal honor of Knight of the Order of Leopold.
Swvl is a worldwide company of transformative tech-enabled mass transit remedies, giving intercity, intracity, B2B and B2G transportation across a lot more than 100 towns in more than 20 nations around the world. The Company’s system provides complimentary semi-private options to community transportation for persons who are not able to accessibility or afford to pay for private possibilities. Each and every working day, Swvl’s parallel mass transit units are empowering folks to go wherever they want, when they want – earning mobility safer, more efficient, obtainable, and environmentally pleasant. Consumers can e-book their rides on an easy-to-use proprietary application with diversified payment alternatives and 24 / 7 obtain to high-top quality private buses and vans.
Swvl was co-established by Mostafa Kandil, who introduced Carmudi in the Philippines, which turned the premier car or truck classifieds platform in the country in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a trip-sharing enterprise and the first unicorn in the Center East, where he launched providers in many new markets.
For more data about Swvl, be sure to stop by www.swvl.com.
Sure statements built herein are not historical points but are ahead-looking statements. Ahead-hunting statements generally are accompanied by phrases this kind of as “think,” “could,” “will,” “estimate,” “go on,” “foresee,” “intend,” “count on,” “really should,” “would,” “strategy,” “forecast,” “possible,” “appear,” “seek,” “long term,” “outlook” and similar expressions that predict or show long run situations or tendencies or that are not statements of historical issues. These ahead-looking statements include, but are not limited to, statements concerning future situations, the company mix amid Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or anticipated long run outcomes and positive aspects of the blended corporation next the enterprise mixture, foreseeable future chances for the combined company and other statements that are not historical points.
These statements are based on the current expectations of Swvl and/or Queen’s Gambit’s management and are not predictions of real general performance. These ahead-hunting statements are supplied for illustrative needs only and are not supposed to serve as, and have to not be relied on, by any investor as a assurance, an assurance, a prediction or a definitive statement of fact or probability. Real occasions and situation are complicated or impossible to forecast and will differ from assumptions. Many true functions and situations are outside of the management of Swvl and Queen’s Gambit. These statements are subject matter to a amount of risks and uncertainties about Swvl’s organization and the enterprise mixture, and precise outcomes might differ materially. These hazards and uncertainties include, but are not confined to: common economic, political and small business ailments, like but not confined to the economic and operational disruptions and other results of the COVID-19 pandemic the end result of any lawful proceedings that may possibly be instituted in opposition to the functions subsequent the consummation of the business combination failure to understand the predicted benefits of the company blend specified dangers that may perhaps later on occur as a outcome of the restricted time Queen’s Gambit experienced to conduct because of diligence the threat that the business mixture disrupts current ideas and operations as a consequence of the consummation of the business enterprise blend the skill of the combined business to execute its development method, deal with advancement profitably and keep its critical staff competitors with other providers in the mobility field Swvl’s constrained operating history and lack of experience as a community corporation modern implementation of selected insurance policies and processes to be certain compliance with relevant guidelines and polices, which includes with respect to anti-bribery, anti-corruption, and cyber protection the danger that Swvl is not ready to execute its development plan, which depends on immediate, intercontinental expansion the risk that Swvl is unable to entice and keep individuals and competent drivers and other large excellent personnel the possibility that Swvl is unable to protect and enforce its mental assets rights the hazard that Swvl is unable to determine rider demand to create new offerings on its platform the difficulty of obtaining demanded registrations, licenses, permits or approvals in jurisdictions in which Swvl presently operates or could in the upcoming function the fact that Swvl at the moment operates in and intends to grow into jurisdictions that are, or have been, characterized by political instability, might have insufficient or minimal regulatory and lawful frameworks and may have minimal, if any, treaties or other preparations in location to protect international investment or involvement the danger that Swvl’s drivers could be classified as staff members, personnel or quasi-employees in the jurisdictions they operate the actuality that Swvl has operations in nations recognised to expertise large stages of corruption and is issue to territorial anti-corruption guidelines in these jurisdictions the potential of Holdings to retain the listing of its securities on a U.S. nationwide securities trade next the business enterprise mix fees connected to the organization blend Swvl’s acquisitions of managing pursuits in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH could not be effective to Swvl as a outcome of the price of integrating geographically disparate operations and the diversion of management’s notice from its existing company, amid other factors and other dangers that will be in depth from time to time in filings with the U.S. Securities and Trade Fee. The foregoing list of hazard variables is not exhaustive. There could be supplemental hazards that Swvl presently does not know or that Swvl now thinks are immaterial that could also trigger precise final results to differ from individuals contained in forward-seeking statements. In addition, forward-on the lookout statements deliver Swvl’s expectations, programs or forecasts of potential events and sights as of the date of this communication. Swvl anticipates that subsequent occasions and developments will result in Swvl’s assessments and projections to transform. Even so, even though Swvl may elect to update these ahead-on the lookout statements in the long term, Swvl particularly disclaims any obligation to do so. These forward-seeking statements ought to not be relied upon as representing Swvl’s assessments as of any day subsequent to the day of this interaction. Accordingly, undue reliance must not be placed on the ahead-on the lookout statements.
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