Swvl completes business combination with Queen’s Gambit Growth Capital
The Course An average shares as well as warrants of the consolidated firm will certainly remain to trade on Nasdaq under the ticker icons ‘GMBT’ as well as ‘GMBTW’, specifically, via today.
Swvl, an international service provider of transformative tech-enabled public transportation services, revealed the conclusion of its formerly revealed company mix with Queen’s Gambit Development Resources, the very first unique function procurement firm (SPAC) started as well as led totally by females (Queen’s Gambit) complying with a phenomenal basic conference of Queen’s Gambit’s investors hung on March 30, 2022.
Mostafa Kandil, owner as well as chief executive officer, Swvl, claimed: “Finishing our company mix with Queen’s Gambit is a remarkable turning point for Swvl as well as for lasting public transportation internationally. Flexibility as well as the empowerment that features it must be an essential right for all. As a public firm, we intend to improve Swvl’s rapid development to day as well as exclusive tech-enabled system, guaranteeing that underserved populaces have accessibility to services that are secure, hassle-free as well as budget-friendly. Consequently, we will certainly take advantage of our best-in-class group, developed collaborations as well as exclusive technology pile with distinguished services.”
The consolidated firm has actually altered its name to Swvl Holdings Corp. The Course An average shares as well as warrants of the consolidated firm will certainly remain to trade on Nasdaq under the ticker icons ‘GMBT’ as well as ‘GMBTW’, specifically, via today. Swvl Holdings Corp’s Course An average shares as well as warrants are anticipated to start trading on NASDAQ under the ticker icons ‘SWVL’ as well as ‘SWVLW’, specifically from Friday.
Swvl got gross earnings from the deal of around $164.6 million from its upsized, completely devoted $111.5 million pipeline as well as the invoice of around $53.1 numerous cash money from Queen’s Gambit’s depend on account web of redemptions. Additionally, based on the contentment or waiver of specific closing problems, after the closing of business mix Swvl will certainly have accessibility to extra funding by means of an added pipeline dedication of $10.0 million, which it anticipates to enclose the 2nd quarter of 2022, as well as a $471.9 million equity funding center.
Victoria Elegance, owner as well as chief executive officer of Queen’s Gambit Development Resources as well as Board Participant of Swvl Holdings Corp, claimed: “We have actually been happy to companion with Swvl, as well as are extremely delighted to proceed our connection after the closing of this special company mix. Given that introducing our merging in 2014, Swvl has actually faultlessly carried out on its company strategy. Throughout such time it has actually purposefully broadened its market-leading existence in existing locations throughout Africa as well as Asia, while broadening right into various other high development places throughout Europe as well as Latin America via a mix of natural launches as well as critical M&A. With a recognized management setting in crucial arising markets as well as market existence throughout greater than 100 cities in over 20 nations on 4 continents, our company believe Swvl will certainly remain to maximize the really international $1 trillion public transportation market chance with large development at range.”
Swvl Holdings Corp has actually chosen Gbenga Oyebode to function as a Course I supervisor on Swvl Holding Corp’s Board of Supervisors and also as a participant of the audit board. Oyebode, 62, is the founder as well as previous chairman of Aluko & & Oyebode, among the biggest law office in Nigeria as well as presently offers on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Hand Business as well as PZ Cussons Nigeria PLC.
Youssef Salem, Swvl CFO, claimed: “In support of the whole Swvl organisation, we would love to thank our motorcyclists, captains, coworkers, capitalists as well as company companions for their depend on as well as collaboration. With clear critical instructions, a tried and tested implementation performance history as well as a shown company design, Swvl is positioned to take the following action in its historical advancement. With our public money as well as accessibility to considerable swimming pools of funding, we intend to improve our current developments right into Europe as well as Latin America, significant procurements of regulating passions in Shotl, door2door as well as Viapool, as well as financial investments in the UK as well as Mexico, as well as perform more critical campaigns producing engaging worth for capitalists as well as all stakeholders alike.” —