Swvl everyday shares and warrants predicted to commence 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, totally fully commited $111.5 million PIPE and $53.3 million of hard cash held in rely on web of redemptions
Subject to gratification or waiver of specific closing circumstances, Swvl will have access to added funds by means of an supplemental PIPE motivation of $10. million and a $471.7 million fairness financing facility
Transaction that includes the initially special reason acquisition enterprise launched and led completely by girls, closes on the historic last day of Women’s Heritage 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 general public and personal organizations
NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Organization”), a world-wide provider of transformative tech-enabled mass transit solutions, nowadays introduced the completion of its previously declared business enterprise blend with Queen’s Gambit Progress Funds, the first distinctive intent acquisition enterprise started and led totally by gals (“Queen’s Gambit”) (NASDAQ: GMBT) subsequent an amazing typical assembly of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The combined organization has improved its name to Swvl Holdings Corp. The Class A standard shares and warrants of the mixed organization will go on to trade on NASDAQ below the ticker symbols “GMBT” and “GMBTW”, respectively, by now. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A normal shares and warrants are predicted to start investing on NASDAQ less than the ticker symbols “SWVL” and “SWVLW”, respectively.
Swvl obtained gross proceeds from the transaction of approximately $164.8 million from its upsized, completely dedicated $111.5 million PIPE and the receipt of around $53.3 million of funds from Queen’s Gambit’s have faith in account web of redemptions. In addition, matter to the gratification or waiver of particular closing problems, just after the closing of the business mix Swvl will have accessibility to further cash by means of an additional PIPE motivation of $10. million, which it expects to close in the 2nd quarter of 2022, and a $471.7 million fairness funding facility.
Mostafa Kandil, Swvl Founder and CEO, reported, “Finishing our business enterprise mixture with Queen’s Gambit is a large milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that arrives with it should be a basic suitable for all. As a community enterprise, we plan to build on Swvl’s exponential progress to date and proprietary tech-enabled platform, ensuring that underserved populations have obtain to alternatives that are protected, handy and inexpensive. In turn, we will leverage our very best-in-course group, founded partnerships and proprietary tech stack with differentiated methods.”
Victoria Grace, Founder and CEO of Queen’s Gambit Progress Capital and Board Member of Swvl Holdings Corp, reported, “We have been happy to lover with Swvl, and are incredibly thrilled to carry on our romantic relationship soon after the closing of this momentous small business mix. Considering that asserting our merger past year, Swvl has flawlessly executed on its company system. Throughout this kind of time it has strategically expanded its market place-primary existence in existing geographies across Africa and Asia, though growing into other superior progress places across Europe and Latin The united states by a mix of natural and organic launches and strategic M&A. With an established leadership situation in vital emerging marketplaces and industry existence throughout extra than 100 cities in over 20 international locations on 4 continents, we feel Swvl will carry on to capitalize on the actually global $1 trillion mass transit market possibility with substantial advancement at scale.”
Youssef Salem, Swvl CFO, said, “On behalf of the full Swvl firm, we would like to thank our riders, captains, colleagues, buyers and company partners for their believe in and partnership. With apparent strategic course, a established execution monitor file and a shown enterprise design, Swvl is poised to acquire the future action in its historic evolution. With our general public forex and obtain to substantial pools of money, we prepare to develop on our recent expansions into Europe and Latin The united states, major acquisitions of managing passions in Shotl, doorway2door and Viapool, and investments in the Uk and Mexico, and execute further more strategic initiatives creating 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 serve as a Course 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 former chairman of Aluko & Oyebode, a person of the largest regulation companies 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 as a result of his services as the chairman of Train for Nigeria, director of Teach 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 Centre, the African Philanthropy Discussion board, Carnegie Hall and the Ford Basis. Mr. Oyebode has beforehand served on the boards of Access Lender Plc and MTN Nigeria Plc.
Mr. Oyebode holds bachelor of legislation degrees from the College of Ife and the Nigerian Law University and a grasp of legislation degree from the University of Pennsylvania. He also holds one of Nigeria’s maximum 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 Get of Leopold.
Swvl is a world wide service provider of transformative tech-enabled mass transit remedies, giving intercity, intracity, B2B and B2G transportation throughout much more than 100 towns in over 20 international locations. The Company’s system presents complimentary semi-personal options to community transportation for men and women who simply cannot access or afford private solutions. Just about every working day, Swvl’s parallel mass transit methods are empowering people to go the place they want, when they want – making mobility safer, more productive, obtainable, and environmentally welcoming. Clients can e book their rides on an effortless-to-use proprietary application with varied payment solutions and 24 / 7 accessibility to substantial-high-quality non-public buses and vans.
Swvl was co-launched by Mostafa Kandil, who released Carmudi in the Philippines, which became the biggest motor vehicle classifieds platform in the nation in just six months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a journey-sharing firm and the 1st unicorn in the Middle East, the place he launched companies in multiple new markets.
For extra information about Swvl, please go to www.swvl.com.
Certain statements made herein are not historic specifics but are forward-searching statements. Ahead-hunting statements frequently are accompanied by words these types of as “feel,” “may perhaps,” “will,” “estimate,” “proceed,” “foresee,” “intend,” “hope,” “really should,” “would,” “program,” “forecast,” “potential,” “appear to be,” “request,” “long term,” “outlook” and very similar expressions that forecast or suggest upcoming activities or traits or that are not statements of historical issues. These ahead-hunting statements include things like, but are not confined to, statements with regards to foreseeable future occasions, the business mixture among Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or anticipated potential success and added benefits of the merged corporation next the enterprise mixture, long term alternatives for the mixed firm and other statements that are not historical info.
These statements are dependent on the current expectations of Swvl and/or Queen’s Gambit’s management and are not predictions of real performance. These ahead-looking statements are offered for illustrative reasons only and are not supposed to provide as, and will have to not be relied on, by any investor as a promise, an assurance, a prediction or a definitive assertion of simple fact or probability. True gatherings and circumstances are challenging or not possible to predict and will differ from assumptions. Lots of genuine functions and conditions are past the regulate of Swvl and Queen’s Gambit. These statements are subject matter to a amount of challenges and uncertainties regarding Swvl’s enterprise and the small business combination, and real final results could vary materially. These dangers and uncertainties include things like, but are not limited to: general financial, political and business ailments, including but not constrained to the economic and operational disruptions and other consequences of the COVID-19 pandemic the consequence of any authorized proceedings that may possibly be instituted in opposition to the get-togethers subsequent the consummation of the business enterprise mixture failure to notice the expected rewards of the organization mix particular pitfalls that may possibly afterwards arise as a end result of the constrained time Queen’s Gambit had to perform thanks diligence the hazard that the company combination disrupts existing options and functions as a consequence of the consummation of the small business mixture the capacity of the merged organization to execute its progress technique, handle advancement profitably and retain its critical staff members opposition with other firms in the mobility business Swvl’s constrained working record and deficiency of knowledge as a public enterprise modern implementation of specific policies and techniques to guarantee compliance with relevant regulations and polices, such as with regard to anti-bribery, anti-corruption, and cyber safety the threat that Swvl is not ready to execute its development prepare, which is dependent on immediate, global enlargement the possibility that Swvl is unable to bring in and retain buyers and certified motorists and other higher quality personnel the chance that Swvl is not able to guard and implement its intellectual property legal rights the danger that Swvl is unable to ascertain rider desire to build new offerings on its system the difficulty of getting required registrations, licenses, permits or approvals in jurisdictions in which Swvl now operates or may perhaps in the foreseeable future work the simple fact that Swvl now operates in and intends to develop into jurisdictions that are, or have been, characterized by political instability, could have inadequate or confined regulatory and lawful frameworks and could have restricted, if any, treaties or other preparations in position to secure international financial commitment or involvement the possibility that Swvl’s drivers could be categorised as workers, employees or quasi-employees in the jurisdictions they work the point that Swvl has functions in countries acknowledged to experience substantial stages of corruption and is topic to territorial anti-corruption guidelines in these jurisdictions the capability of Holdings to keep the listing of its securities on a U.S. national securities trade following the small business mixture expenditures relevant to the business enterprise combination Swvl’s acquisitions of managing interests in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may not be valuable to Swvl as a final result of the value of integrating geographically disparate functions and the diversion of management’s focus from its current company, amid other issues and other hazards that will be comprehensive from time to time in filings with the U.S. Securities and Exchange Fee. The foregoing record of hazard elements is not exhaustive. There could be added risks that Swvl presently does not know or that Swvl at present thinks are immaterial that could also trigger actual results to differ from individuals contained in forward-hunting statements. In addition, forward-looking statements give Swvl’s anticipations, designs or forecasts of upcoming gatherings and sights as of the day of this conversation. Swvl anticipates that subsequent functions and developments will bring about Swvl’s assessments and projections to change. On the other hand, though Swvl might elect to update these ahead-on the lookout statements in the long run, Swvl specially disclaims any obligation to do so. These forward-hunting statements really should not be relied upon as symbolizing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be positioned on the ahead-wanting statements.
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