Swvl everyday shares and warrants anticipated to get started buying and selling on NASDAQ tomorrow below 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 rely on internet of redemptions
Subject matter to pleasure or waiver of certain closing ailments, Swvl will have accessibility to added money via an further PIPE commitment of $10. million and a $471.7 million equity funding facility
Transaction featuring the initial distinctive purpose acquisition enterprise started and led fully by females, 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 knowledgeable leader who has served on boards of community and private providers
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Company”), a world-wide company of transformative tech-enabled mass transit solutions, right now declared the completion of its earlier introduced business enterprise blend with Queen’s Gambit Progress Funds, the 1st unique intent acquisition firm started and led solely by gals (“Queen’s Gambit”) (NASDAQ: GMBT) following an incredible typical conference of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The blended firm has transformed its identify to Swvl Holdings Corp. The Class A ordinary shares and warrants of the blended company will go on to trade on NASDAQ under the ticker symbols “GMBT” and “GMBTW”, respectively, by means of now. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A regular shares and warrants are expected to commence trading on NASDAQ beneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl received gross proceeds from the transaction of close to $164.8 million from its upsized, entirely fully commited $111.5 million PIPE and the receipt of close to $53.3 million of income from Queen’s Gambit’s have faith in account internet of redemptions. In addition, issue to the satisfaction or waiver of specific closing ailments, soon after the closing of the enterprise combination Swvl will have obtain to supplemental cash by means of an supplemental PIPE determination of $10. million, which it expects to near in the next quarter of 2022, and a $471.7 million fairness financing facility.
Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our business blend with Queen’s Gambit is a huge milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should really be a basic proper for all. As a general public company, we prepare to create on Swvl’s exponential advancement to date and proprietary tech-enabled system, making certain that underserved populations have access to solutions that are safe, easy and economical. In transform, we will leverage our best-in-class workforce, recognized partnerships and proprietary tech stack with differentiated alternatives.”
Victoria Grace, Founder and CEO of Queen’s Gambit Advancement Funds and Board Member of Swvl Holdings Corp, stated, “We have been proud to spouse with Swvl, and are pretty psyched to go on our romantic relationship after the closing of this momentous organization mix. Due to the fact asserting our merger final calendar year, Swvl has flawlessly executed on its enterprise strategy. Through these kinds of time it has strategically expanded its sector-foremost presence in present geographies throughout Africa and Asia, although expanding into other large progress spots throughout Europe and Latin The usa by way of a combination of natural launches and strategic M&A. With an established management posture in essential rising markets and marketplace existence throughout a lot more than 100 metropolitan areas in around 20 international locations on 4 continents, we consider Swvl will continue on to capitalize on the truly worldwide $1 trillion mass transit marketplace chance with large progress at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the whole Swvl organization, we would like to thank our riders, captains, colleagues, buyers and small business partners for their have faith in and partnership. With apparent strategic course, a demonstrated execution track document and a demonstrated enterprise design, Swvl is poised to get the following stage in its historic evolution. With our community currency and access to sizeable pools of funds, we prepare to develop on our recent expansions into Europe and Latin The us, important acquisitions of managing interests in Shotl, doorway2door and Viapool, and investments in the Uk and Mexico, and execute further strategic initiatives building compelling worth 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 Class I director on Swvl Holding Corp’s Board of Administrators and as a member of the audit committee.
Gbenga Oyebode, age 62, is the co-founder and previous chairman of Aluko & Oyebode, a person of the largest law corporations in Nigeria. Mr. Oyebode at this time serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Enterprise and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy as a result of his company as the chairman of Teach for Nigeria, director of Instruct 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 Heart, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Foundation. Mr. Oyebode has formerly served on the boards of Entry Financial institution Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of regulations levels from the College of Ife and the Nigerian Law University and a grasp of regulations diploma from the College of Pennsylvania. He also retains one particular 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 world-wide supplier of transformative tech-enabled mass transit options, providing intercity, intracity, B2B and B2G transportation across far more than 100 towns in above 20 nations. The Company’s platform delivers complimentary semi-private alternate options to general public transportation for people today who are unable to accessibility or find the money for private solutions. Every day, Swvl’s parallel mass transit devices are empowering people to go exactly where they want, when they want – earning mobility safer, much more efficient, accessible, and environmentally welcoming. Buyers can e-book their rides on an straightforward-to-use proprietary application with diverse payment possibilities and 24 / 7 accessibility to higher-quality personal buses and vans.
Swvl was co-established by Mostafa Kandil, who launched Carmudi in the Philippines, which turned the greatest car classifieds system in the nation in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a trip-sharing firm and the 1st unicorn in the Center East, the place he launched solutions in several new marketplaces.
For extra information and facts about Swvl, make sure you go to www.swvl.com.
Particular statements manufactured herein are not historic information but are ahead-hunting statements. Forward-hunting statements generally are accompanied by words and phrases such as “imagine,” “might,” “will,” “estimate,” “continue,” “foresee,” “intend,” “expect,” “really should,” “would,” “strategy,” “forecast,” “probable,” “look,” “request,” “potential,” “outlook” and equivalent expressions that forecast or reveal foreseeable future gatherings or trends or that are not statements of historic matters. These ahead-searching statements contain, but are not confined to, statements with regards to upcoming gatherings, the enterprise mix between Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or predicted future success and benefits of the merged organization subsequent the organization combination, potential options for the blended firm and other statements that are not historical information.
These statements are dependent on the existing anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of genuine performance. These forward-seeking statements are supplied for illustrative applications only and are not meant to serve as, and will have to not be relied on, by any investor as a warranty, an assurance, a prediction or a definitive assertion of reality or probability. Precise functions and situation are challenging or unachievable to predict and will differ from assumptions. Lots of genuine situations and conditions are over and above the manage of Swvl and Queen’s Gambit. These statements are matter to a range of risks and uncertainties concerning Swvl’s small business and the business enterprise mixture, and precise effects may perhaps differ materially. These hazards and uncertainties contain, but are not constrained to: typical economic, political and business enterprise circumstances, which includes but not limited to the economic and operational disruptions and other outcomes of the COVID-19 pandemic the outcome of any authorized proceedings that may perhaps be instituted against the events adhering to the consummation of the company mix failure to understand the expected positive aspects of the business blend certain risks that may possibly later on crop up as a consequence of the limited time Queen’s Gambit had to conduct owing diligence the hazard that the business mixture disrupts present strategies and operations as a result of the consummation of the company blend the skill of the put together corporation to execute its progress method, manage development profitably and retain its vital staff members competition with other firms in the mobility marketplace Swvl’s confined running history and lack of expertise as a community business the latest implementation of particular policies and processes to make certain compliance with applicable legal guidelines and restrictions, like with respect to anti-bribery, anti-corruption, and cyber defense the threat that Swvl is not able to execute its progress plan, which is dependent on quick, worldwide growth the chance that Swvl is not able to attract and retain shoppers and skilled drivers and other substantial quality personnel the threat that Swvl is not able to guard and enforce its mental residence rights the possibility that Swvl is not able to identify rider demand from customers to build new offerings on its system the issue of getting necessary registrations, licenses, permits or approvals in jurisdictions in which Swvl at this time operates or might in the long run run the truth that Swvl at the moment operates in and intends to extend into jurisdictions that are, or have been, characterised by political instability, might have inadequate or limited regulatory and legal frameworks and may possibly have limited, if any, treaties or other arrangements in area to defend international investment decision or involvement the chance that Swvl’s motorists could be labeled as employees, personnel or quasi-personnel in the jurisdictions they work the reality that Swvl has functions in international locations recognised to knowledge significant ranges of corruption and is subject matter to territorial anti-corruption rules in these jurisdictions the means of Holdings to keep the listing of its securities on a U.S. nationwide securities exchange following the organization mix prices relevant to the business combination Swvl’s acquisitions of managing interests in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may perhaps not be advantageous to Swvl as a outcome of the value of integrating geographically disparate functions and the diversion of management’s interest from its present organization, amongst other factors and other threats that will be detailed from time to time in filings with the U.S. Securities and Trade Fee. The foregoing list of risk factors is not exhaustive. There might be further pitfalls that Swvl presently does not know or that Swvl at this time thinks are immaterial that could also trigger precise effects to differ from those contained in forward-searching statements. In addition, forward-wanting statements provide Swvl’s expectations, options or forecasts of long run activities and sights as of the day of this interaction. Swvl anticipates that subsequent functions and developments will bring about Swvl’s assessments and projections to improve. On the other hand, while Swvl may well elect to update these ahead-on the lookout statements in the long term, Swvl specially disclaims any obligation to do so. These ahead-searching statements should not be relied upon as representing Swvl’s assessments as of any day subsequent to the day of this conversation. Accordingly, undue reliance must not be put on the forward-seeking statements.
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