Swvl regular shares and warrants predicted to commence 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 dedicated $111.5 million PIPE and $53.3 million of dollars held in belief net of redemptions
Topic to gratification or waiver of specified closing ailments, Swvl will have entry to further funds by means of an further PIPE dedication of $10. million and a $471.7 million equity financing facility
Transaction showcasing the to start with exclusive intent acquisition business founded and led solely by women of all ages, closes on the historic previous working day of Women’s Record Month
Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an expert leader who has served on boards of public and private organizations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a worldwide company of transformative tech-enabled mass transit options, right now declared the completion of its earlier announced business combination with Queen’s Gambit Development Money, the 1st exclusive intent acquisition organization started and led entirely by women of all ages (“Queen’s Gambit”) (NASDAQ: GMBT) adhering to an extraordinary normal conference of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The combined company has improved its identify to Swvl Holdings Corp. The Course A common shares and warrants of the put together company will carry on to trade on NASDAQ below the ticker symbols “GMBT” and “GMBTW”, respectively, via today. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A standard shares and warrants are predicted to start trading on NASDAQ underneath the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl received gross proceeds from the transaction of close to $164.8 million from its upsized, entirely committed $111.5 million PIPE and the receipt of somewhere around $53.3 million of dollars from Queen’s Gambit’s have confidence in account web of redemptions. In addition, issue to the gratification or waiver of specific closing ailments, after the closing of the company blend Swvl will have accessibility to added capital by way of an further PIPE commitment of $10. million, which it expects to shut in the 2nd quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, said, “Completing our business mix with Queen’s Gambit is a incredible milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that arrives with it should be a basic ideal for all. As a community business, we prepare to establish on Swvl’s exponential growth to day and proprietary tech-enabled system, making certain that underserved populations have obtain to answers that are risk-free, hassle-free and affordable. In switch, we will leverage our greatest-in-course workforce, established partnerships and proprietary tech stack with differentiated solutions.”
Victoria Grace, Founder and CEO of Queen’s Gambit Development Money and Board Member of Swvl Holdings Corp, stated, “We have been proud to spouse with Swvl, and are incredibly psyched to proceed our connection following the closing of this momentous business combination. Due to the fact saying our merger past yr, Swvl has flawlessly executed on its company strategy. During such time it has strategically expanded its market-major presence in current geographies throughout Africa and Asia, when expanding into other higher expansion destinations throughout Europe and Latin The us through a mix of natural launches and strategic M&A. With an recognized management place in vital rising marketplaces and sector presence throughout more than 100 metropolitan areas in around 20 international locations on 4 continents, we believe that Swvl will proceed to capitalize on the definitely worldwide $1 trillion mass transit marketplace opportunity with enormous growth at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the full Swvl firm, we would like to thank our riders, captains, colleagues, traders and enterprise partners for their trust and partnership. With clear strategic course, a established execution track report and a demonstrated enterprise product, Swvl is poised to get the up coming step in its historic evolution. With our community currency and access to considerable pools of money, we plan to make on our new expansions into Europe and Latin The united states, key acquisitions of managing interests in Shotl, door2door and Viapool, and investments in the British isles and Mexico, and execute even further strategic initiatives building powerful value for investors and all stakeholders alike.”
Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee
Swvl Holdings Corp has chosen Gbenga Oyebode to serve as a Class 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 former chairman of Aluko & Oyebode, a person of the most significant legislation corporations in Nigeria. Mr. Oyebode at the moment serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Organization and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy through his assistance as the chairman of Educate for Nigeria, director of Educate 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 Heart, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Basis. Mr. Oyebode has beforehand served on the boards of Entry Lender Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of rules levels from the College of Ife and the Nigerian Legislation School and a master of rules diploma from the University of Pennsylvania. He also retains 1 of Nigeria’s best honors, the Member of the Get of the Federal Republic of Nigeria, and is a receiver of the Belgian royal honor of Knight of the Order of Leopold.
Swvl is a world-wide provider of transformative tech-enabled mass transit alternatives, supplying intercity, intracity, B2B and B2G transportation throughout more than 100 metropolitan areas in over 20 international locations. The Firm’s platform supplies complimentary semi-personal alternate options to community transportation for people who are unable to access or afford personal selections. Each individual day, Swvl’s parallel mass transit methods are empowering people today to go where by they want, when they want – making mobility safer, much more effective, accessible, and environmentally welcoming. Customers can guide their rides on an effortless-to-use proprietary app with diverse payment solutions and 24 / 7 entry to high-good quality personal buses and vans.
Swvl was co-launched by Mostafa Kandil, who introduced Carmudi in the Philippines, which became the greatest motor vehicle classifieds platform in the region in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a trip-sharing organization and the initial unicorn in the Center East, where he launched services in multiple new marketplaces.
For extra information about Swvl, remember to check out www.swvl.com.
Specific statements produced herein are not historical facts but are ahead-seeking statements. Forward-seeking statements frequently are accompanied by phrases these types of as “believe that,” “might,” “will,” “estimate,” “continue,” “foresee,” “intend,” “anticipate,” “need to,” “would,” “program,” “forecast,” “opportunity,” “appear to be,” “search for,” “long term,” “outlook” and very similar expressions that forecast or point out upcoming gatherings or tendencies or that are not statements of historical issues. These forward-looking statements include things like, but are not confined to, statements regarding future functions, the small business mix among the Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the believed or expected long term success and benefits of the mixed company subsequent the business mixture, potential prospects for the mixed enterprise and other statements that are not historic facts.
These statements are primarily based on the latest expectations of Swvl and/or Queen’s Gambit’s management and are not predictions of real overall performance. These forward-seeking statements are provided for illustrative purposes only and are not meant to provide as, and ought to not be relied on, by any investor as a promise, an assurance, a prediction or a definitive statement of truth or chance. Genuine events and conditions are complicated or extremely hard to forecast and will vary from assumptions. Numerous actual events and circumstances are beyond the control of Swvl and Queen’s Gambit. These statements are subject to a range of threats and uncertainties with regards to Swvl’s small business and the small business blend, and actual success may perhaps vary materially. These threats and uncertainties contain, but are not limited to: typical economic, political and business enterprise conditions, such as but not constrained to the financial and operational disruptions and other consequences of the COVID-19 pandemic the result of any authorized proceedings that may be instituted towards the functions next the consummation of the company blend failure to understand the expected advantages of the business enterprise mixture sure pitfalls that might later on arise as a final result of the minimal time Queen’s Gambit experienced to carry out because of diligence the threat that the enterprise mixture disrupts current ideas and operations as a end result of the consummation of the business enterprise combination the means of the mixed firm to execute its development strategy, take care of development profitably and retain its important staff members level of competition with other companies in the mobility marketplace Swvl’s limited operating background and absence of practical experience as a community corporation new implementation of specific insurance policies and procedures to guarantee compliance with relevant laws and laws, which include with respect to anti-bribery, anti-corruption, and cyber protection the chance that Swvl is not in a position to execute its development program, which relies upon on quick, global expansion the chance that Swvl is unable to appeal to and keep shoppers and capable motorists and other high top quality staff the chance that Swvl is not able to safeguard and implement its intellectual home rights the risk that Swvl is not able to identify rider demand to develop new choices on its platform the problem of obtaining essential registrations, licenses, permits or approvals in jurisdictions in which Swvl at the moment operates or may in the foreseeable future run the fact that Swvl now operates in and intends to broaden into jurisdictions that are, or have been, characterised by political instability, may perhaps have inadequate or limited regulatory and lawful frameworks and could have confined, if any, treaties or other preparations in spot to protect international expenditure or involvement the risk that Swvl’s motorists could be classified as workers, workers or quasi-workforce in the jurisdictions they operate the actuality that Swvl has functions in countries regarded to experience significant concentrations of corruption and is topic to territorial anti-corruption legal guidelines in these jurisdictions the skill of Holdings to sustain the listing of its securities on a U.S. nationwide securities exchange adhering to the small business combination costs related to the enterprise blend Swvl’s acquisitions of managing interests in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH could not be useful to Swvl as a result of the charge of integrating geographically disparate functions and the diversion of management’s awareness from its existing enterprise, among the other points and other dangers that will be comprehensive from time to time in filings with the U.S. Securities and Trade Fee. The foregoing list of chance aspects is not exhaustive. There may perhaps be more challenges that Swvl presently does not know or that Swvl at present believes are immaterial that could also bring about genuine outcomes to vary from those contained in forward-looking statements. In addition, ahead-searching statements give Swvl’s anticipations, plans or forecasts of upcoming gatherings and sights as of the day of this communication. Swvl anticipates that subsequent activities and developments will bring about Swvl’s assessments and projections to change. Nonetheless, while Swvl may possibly elect to update these ahead-seeking statements in the foreseeable future, Swvl specifically disclaims any obligation to do so. These ahead-hunting statements really should not be relied upon as symbolizing Swvl’s assessments as of any date subsequent to the date of this interaction. Appropriately, undue reliance must not be positioned upon the forward-searching statements.
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