May 25, 2024

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SWVL COMPLETES BUSINESS COMBINATION WITH QUEEN’S GAMBIT GROWTH CAPITAL

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Swvl everyday shares and warrants predicted to start investing on NASDAQ tomorrow beneath the symbols “SWVL” and “SWVLW,” respectively

Gross proceeds to Swvl from the transaction of $164.8 million from upsized, fully fully commited $111.5 million PIPE and $53.3 million of money held in believe in internet of redemptions

Subject to pleasure or waiver of specified closing circumstances, Swvl will have accessibility to additional capital by using an more PIPE dedication of $10. million and a $471.7 million equity financing facility

Transaction that includes the initial particular purpose acquisition organization established and led entirely by gals, closes on the historic very last working day of Women’s Background Month

Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an seasoned chief who has served on boards of public and non-public corporations

NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Corporation”), a international company of transformative tech-enabled mass transit answers, today announced the completion of its previously declared business combination with Queen’s Gambit Advancement Funds, the 1st particular reason acquisition corporation launched and led totally by ladies (“Queen’s Gambit”) (NASDAQ: GMBT) following an remarkable typical conference of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The mixed corporation has modified its name to Swvl Holdings Corp. The Class A standard shares and warrants of the merged enterprise will continue on to trade on NASDAQ less than the ticker symbols “GMBT” and “GMBTW”, respectively, by means of nowadays. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A regular shares and warrants are envisioned to start buying and selling on NASDAQ below the ticker symbols “SWVL” and “SWVLW”, respectively.

Swvl rings opening bell at Nasdaq.

Swvl obtained gross proceeds from the transaction of about $164.8 million from its upsized, completely fully commited $111.5 million PIPE and the receipt of roughly $53.3 million of cash from Queen’s Gambit’s have faith in account internet of redemptions. In addition, matter to the fulfillment or waiver of selected closing circumstances, immediately after the closing of the small business mixture Swvl will have accessibility to further money by way of an more PIPE determination of $10. million, which it expects to close in the next quarter of 2022, and a $471.7 million equity funding facility.

Mostafa Kandil, Swvl Founder and CEO, claimed, “Finishing our business enterprise combination with Queen’s Gambit is a remarkable milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it should be a essential ideal for all. As a community corporation, we strategy to create on Swvl’s exponential growth to day and proprietary tech-enabled system, making certain that underserved populations have entry to answers that are risk-free, convenient and reasonably priced. In switch, we will leverage our best-in-class staff, established partnerships and proprietary tech stack with differentiated methods.”

Victoria Grace, Founder and CEO of Queen’s Gambit Advancement Funds and Board Member of Swvl Holdings Corp, stated, “We have been happy to companion with Swvl, and are quite thrilled to proceed our romantic relationship right after the closing of this momentous company mixture. Due to the fact asserting our merger last calendar year, Swvl has flawlessly executed on its small business plan. All through such time it has strategically expanded its industry-major existence in current geographies throughout Africa and Asia, whilst growing into other high development locations throughout Europe and Latin The us via a mix of organic launches and strategic M&A. With an set up leadership posture in critical rising markets and sector presence throughout extra than 100 metropolitan areas in about 20 countries on four continents, we imagine Swvl will continue to capitalize on the actually worldwide $1 trillion mass transit current market prospect with enormous growth at scale.”

Youssef Salem, Swvl CFO, said, “On behalf of the whole Swvl group, we would like to thank our riders, captains, colleagues, buyers and business enterprise companions for their rely on and partnership. With clear strategic way, a tested execution monitor history and a shown enterprise product, Swvl is poised to choose the upcoming phase in its historic evolution. With our general public currency and entry to substantial swimming pools of funds, we plan to establish on our modern expansions into Europe and Latin America, big acquisitions of managing passions in Shotl, door2doorway and Viapool, and investments in the Uk and Mexico, and execute further more strategic initiatives developing compelling value for buyers and all stakeholders alike.”

Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee

Swvl Holdings Corp has chosen Gbenga Oyebode to provide as a Class I director on Swvl Keeping 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 biggest legislation companies in Nigeria. Mr. Oyebode at present 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 by his assistance as the chairman of Instruct for Nigeria, director of Train for All and as a member of the World-wide Advisory Council of the African Management Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Middle, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Foundation.  Mr. Oyebode has formerly served on the boards of Accessibility Financial institution Plc and MTN Nigeria Plc.

Mr. Oyebode retains bachelor of laws degrees from the University of Ife and the Nigerian Legislation Faculty and a learn of legal guidelines degree from the College of Pennsylvania.  He also holds one of Nigeria’s highest honors, the Member of the Purchase of the Federal Republic of Nigeria, and is a receiver of the Belgian royal honor of Knight of the Get of Leopold.

About Swvl

Swvl is a international provider of transformative tech-enabled mass transit remedies, presenting intercity, intracity, B2B and B2G transportation across a lot more than 100 metropolitan areas in in excess of 20 nations around the world. The Firm’s platform gives complimentary semi-personal alternatives to community transportation for people today who simply cannot obtain or afford to pay for private options. Each day, Swvl’s parallel mass transit devices are empowering individuals to go exactly where they want, when they want – making mobility safer, extra efficient, accessible, and environmentally friendly. Prospects can reserve their rides on an straightforward-to-use proprietary app with assorted payment possibilities and 24 / 7 entry to high-high-quality personal buses and vans.

Swvl was co-established by Mostafa Kandil, who released Carmudi in the Philippines, which grew to become the premier car or truck classifieds platform in the country in just 6 months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a trip-sharing firm and the initial unicorn in the Center East, exactly where he released expert services in various new marketplaces.

For additional information and facts about Swvl, remember to stop by www.swvl.com.

Forward-Wanting Statements

Specific statements built herein are not historic details but are ahead-wanting statements. Forward-wanting statements typically are accompanied by words this kind of as “feel,” “could,” “will,” “estimate,” “continue on,” “foresee,” “intend,” “count on,” “should really,” “would,” “program,” “forecast,” “opportunity,” “seem,” “request,” “future,” “outlook” and identical expressions that forecast or reveal future gatherings or developments or that are not statements of historic issues. These forward-on the lookout statements include things like, but are not minimal to, statements concerning future functions, the company blend amid Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or anticipated upcoming effects and added benefits of the blended company following the organization mix, potential possibilities for the combined company and other statements that are not historical details.

These statements are based on the current expectations of Swvl and/or Queen’s Gambit’s administration and are not predictions of genuine overall performance. These forward-searching statements are delivered for illustrative needs only and are not meant to serve as, and should not be relied on, by any investor as a promise, an assurance, a prediction or a definitive assertion of actuality or likelihood. Actual events and circumstances are tricky or unattainable to forecast and will differ from assumptions. A lot of precise occasions and instances are outside of the regulate of Swvl and Queen’s Gambit. These statements are subject matter to a variety of threats and uncertainties relating to Swvl’s business enterprise and the small business combination, and real outcomes may perhaps vary materially. These threats and uncertainties include, but are not minimal to: standard financial, political and organization problems, which includes but not confined to the financial and operational disruptions and other outcomes of the COVID-19 pandemic the outcome of any authorized proceedings that may be instituted from the events next the consummation of the enterprise blend failure to comprehend the anticipated positive aspects of the business mix particular threats that may perhaps later crop up as a end result of the confined time Queen’s Gambit experienced to perform because of diligence the threat that the business combination disrupts latest designs and functions as a consequence of the consummation of the organization blend the capability of the put together corporation to execute its advancement technique, regulate advancement profitably and retain its vital workers competitors with other firms in the mobility market Swvl’s confined running historical past and absence of encounter as a general public firm current implementation of specified insurance policies and methods to guarantee compliance with applicable laws and rules, such as with respect to anti-bribery, anti-corruption, and cyber safety the risk that Swvl is not equipped to execute its growth prepare, which is dependent on swift, global expansion the threat that Swvl is not able to attract and retain individuals and skilled drivers and other higher high quality personnel the threat that Swvl is not able to safeguard and implement its mental property legal rights the chance that Swvl is unable to identify rider need to create new offerings on its system the problems of acquiring required registrations, licenses, permits or approvals in jurisdictions in which Swvl now operates or may in the potential run the reality that Swvl presently operates in and intends to grow into jurisdictions that are, or have been, characterised by political instability, may possibly have inadequate or confined regulatory and legal frameworks and might have limited, if any, treaties or other arrangements in put to safeguard overseas investment or involvement the possibility that Swvl’s motorists could be categorized as employees, staff or quasi-workforce in the jurisdictions they operate the fact that Swvl has functions in international locations acknowledged to experience high degrees of corruption and is subject to territorial anti-corruption rules in these jurisdictions the capacity of Holdings to retain the listing of its securities on a U.S. national securities trade subsequent the business mix costs related to the business enterprise mixture Swvl’s acquisitions of managing interests in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH might not be effective to Swvl as a result of the expense of integrating geographically disparate functions and the diversion of management’s attention from its present business, amongst other points and other challenges that will be specific from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing checklist of possibility elements is not exhaustive. There might be further risks that Swvl presently does not know or that Swvl currently believes are immaterial that could also cause real final results to vary from people contained in forward-on the lookout statements. In addition, forward-hunting statements give Swvl’s anticipations, plans or forecasts of potential events and sights as of the day of this interaction. Swvl anticipates that subsequent situations and developments will lead to Swvl’s assessments and projections to change. Nevertheless, whilst Swvl may possibly elect to update these ahead-hunting statements in the future, Swvl exclusively disclaims any obligation to do so. These ahead-searching statements must not be relied upon as symbolizing Swvl’s assessments as of any date subsequent to the day of this communication. Appropriately, undue reliance should not be put upon the ahead-hunting statements.

Media Speak to

Daniel Yunger
Kekst CNC
[email protected]
917-574-8582

Trader Make contact with

Youssef Salem
Swvl CFO
[email protected]

 

Queen's Gambit and Swvl Logos (PRNewsfoto/Swvl Inc.)

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