Swvl, a global provider of transformative tech-enabled mass transit solutions, announced the completion of its previously announced business combination with Queen’s Gambit Growth Capital, the first special purpose acquisition company (SPAC) founded and led entirely by women (Queen’s Gambit) following an extraordinary general meeting of Queen’s Gambit’s shareholders held on March 30, 2022.
Mostafa Kandil, founder and CEO, Swvl, said: “Completing our business combination with Queen’s Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a fundamental right for all. As a public company, we plan to build on Swvl’s exponential growth to date and proprietary tech-enabled platform, ensuring that underserved populations have access to solutions that are safe, convenient and affordable. In turn, we will leverage our best-in-class team, established partnerships and proprietary tech stack with differentiated solutions.”
The combined company has changed its name to Swvl Holdings Corp. The Class A ordinary shares and warrants of the combined company will continue to trade on Nasdaq under the ticker symbols ‘GMBT’ and ‘GMBTW’, respectively, through today. Swvl Holdings Corp’s Class A ordinary shares and warrants are expected to commence trading on NASDAQ under the ticker symbols ‘SWVL’ and ‘SWVLW’, respectively from Friday.
Swvl received gross proceeds from the transaction of approximately $164.6 million from its upsized, fully committed $111.5 million PIPE and the receipt of approximately $53.1 million of cash from Queen’s Gambit’s trust account net of redemptions. In addition, subject to the satisfaction or waiver of certain closing conditions, after the closing of the business combination Swvl will have access to additional capital via an additional PIPE commitment of $10.0 million, which it expects to close in the second quarter of 2022, and a $471.9 million equity financing facility.
Victoria Grace, founder and CEO of Queen’s Gambit Growth Capital and Board Member of Swvl Holdings Corp, said: “We have been proud to partner with Swvl, and are very excited to continue our relationship after the closing of this momentous business combination. Since announcing our merger last year, Swvl has flawlessly executed on its business plan. During such time it has strategically expanded its market-leading presence in existing geographies across Africa and Asia, while expanding into other high growth locations across Europe and Latin America through a combination of organic launches and strategic M&A. With an established leadership position in key emerging markets and market presence across more than 100 cities in over 20 countries on four continents, we believe Swvl will continue to capitalize on the truly global $1 trillion mass transit market opportunity with massive growth at scale.”
Swvl Holdings Corp has selected 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. Oyebode, 62, is the co-founder and former chairman of Aluko & Oyebode, one of the largest law firms in Nigeria and currently serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Company and PZ Cussons Nigeria PLC.
Youssef Salem, Swvl CFO, said: “On behalf of the entire Swvl organisation, we would like to thank our riders, captains, colleagues, investors and business partners for their trust and partnership. With clear strategic direction, a proven execution track record and a demonstrated business model, Swvl is poised to take the next step in its historic evolution. With our public currency and access to substantial pools of capital, we plan to build on our recent expansions into Europe and Latin America, major acquisitions of controlling interests in Shotl, door2door and Viapool, and investments in the UK and Mexico, and execute further strategic initiatives creating compelling value for investors and all stakeholders alike.”
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