Swvl completes business merger with Queens Gumbet Growth Capital

Swvl, a technology-based provider of mass transit and shared mobility solutions, has unveiled the completion of its previously announced business combination with Queen’s Gambit, its first private target procurement company. It’s led by a Queen’s Gambit management team (NASDAQ: GMBT), following an extraordinary general meeting of Queens Gambit shareholders (“Shareholders’ Meeting”) on March 30, 2022.

The name of the combined company was changed to Swvl Holdings Corp. The shares and ordinary Class A guarantees of the combined company continued to trade on the NASDAQ Stock Exchange under the symbols “GMBT” and “GMBTW” respectively until the date of listing.

Effective April 1, 2022, SWVL Holdings Corp. ordinary shares and warrants on the NASDAQ Stock Exchange are traded under the symbols “SWVL” and “SWVLW” respectively.

Swvl received total proceeds from the transaction of approximately $ 164.6 million as a result of the volume increase, which includes $ 111.5 million fully committed by PIPE (Private Equity Public Equity) investors.

and receipt of approximately $ 53.1 million in cash from the Queen’s Gambit account held in the Redeemed Net Value Bond Trust.

In addition, subject to compliance or waiver of certain closing conditions, Swvl will have access to additional capital through an additional $ 10 million PIPE investor commitment expected to close in the second quarter of 2022, and a $ 471.9 million financing facility.

Mustafa Kandil, founder and CEO of Swvl, said: “The completion of our business integration with QueensGumpet is a major milestone for Swvl and for the sustainable shared transport sector worldwide.

In this sense, mobility and the empowerment that goes with it should be a birthright of all. As a public company, we plan to build on the rapid growth of Swvl so far,

In addition to relying on our technology-based platform, it ensures that residents who lack these services receive reliable, convenient and affordable solutions.

In return, we will benefit from our excellent teams in this field, solid partnerships and accumulated various technical solutions. ”

Victoria Grace, founder and CEO of Queens Gambit Growth Capital and a member of the board of directors of Swvl Holdings Corp. said: “We are proud of our partnership with Swvl and are very excited to continue our relationship after completing this important merger transaction.

Since our merger was announced last year, Swvl has executed its business plan excellently. Meanwhile, it has strategically consolidated its market-leading presence in existing geographic areas across Africa and Asia, expanding to other high-growth regions across Europe and Latin America through a combination of core operations and strategic mergers and acquisitions.

With a well-established leadership position in key emerging markets and a market presence across more than 100 cities in more than 20 countries on four continents, we are confident that Swvl will continue to capitalize on the $ 1 trillion global mass transit market opportunity to achieve massive growth on a large scale. ”

In addition, CFO Youssef Salem said: “On behalf of the entire CSR company, we would like to thank our passengers, officials, investors and business partners for their trust in us and for their cooperation with us. With a clear strategic direction, outstanding performance, record and a well-defined business model, Swvl is ready to take the next steps in its historic development path.

With an IPO and access to large pools of capital, we plan to build on our recent expansions in Europe and Latin America, major acquisitions of controlling interests in Shotl, door2door and Viapool,

In addition to investments in the UK and Mexico, further strategic initiatives will lead to compelling value creation for investors and all stakeholders.

Appointment of Gbenga Oebode to the Board of Directors and Audit Committee

Swvl Holdings Corp. chose Gbenga Oibode to serve as a Senior Principal on the Swvl Holding Corp. Board and as a member of the Audit Committee.

The 62-year-old is the co-founder and former president of Aluko & Ooibody, one of Nigeria’s largest law firms.

He currently serves on the boards of Nestlé Nigeria plc, Lafarge Africa plc, Sosvinav SA, Okumu Oil Palm Company and PZ Cosons Nigeria plc.

In addition, Mr. Oibode the spirit of philanthropy through his service as president of “Teach for Nigeria” and director of “Teach for All”

As a member of the Global Advisory Board of the African Leadership Academy. Mr. Oebody is also on the Jazz Boards of Lincoln Center, African Philanthropy Forum, Carnegie Hall and the Ford Foundation. Mr. Oyebody previously served on the boards of directors of Access Bank Plc and MTN Nigeria Plc.

Mr. Oibody holds a Bachelor of Laws degree from Ife University and Nigerian Law School and a Master’s degree in Law from the University of Pennsylvania.

He is also the recipient of the highest honors in Nigeria, a member of the Order of the Federal Republic of Nigeria, and a recipient of the Belgian Royal Medal with the rank of Knight Leopold.

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