SWVL COMPLETES BUSINESS COMBINATION WITH QUEEN’S GAMBIT GROWTH CAPITAL

Swvl common shares and warrants expected to commence investing on NASDAQ tomorrow beneath the symbols “SWVL” and “SWVLW,” respectively

Gross proceeds to Swvl from the transaction of $164.8 million from upsized, thoroughly fully commited $111.5 million PIPE and $53.3 million of cash held in trust net of redemptions

Issue to pleasure or waiver of particular closing problems, Swvl will have accessibility to further cash by way of an added PIPE dedication of $10. million and a $471.7 million fairness funding facility

Transaction featuring the 1st particular intent acquisition business launched and led entirely by women of all ages, closes on the historic very last day of Women’s Heritage Thirty day period

Addition of Gbenga Oyebode rounds out Board of Administrators and audit committee with an experienced leader who has served on boards of public and private companies

NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Corporation”), a international provider of transformative tech-enabled mass transit remedies, today introduced the completion of its beforehand introduced enterprise mixture with Queen’s Gambit Development Cash, the initially special objective acquisition organization established and led entirely by gals (“Queen’s Gambit”) (NASDAQ: GMBT) next an remarkable standard conference of Queen’s Gambit’s shareholders (the “Shareholders’ Assembly”) held on March 30, 2022. The combined business has modified its title to Swvl Holdings Corp. The Class A everyday shares and warrants of the put together firm 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 normal shares and warrants are predicted to commence trading on NASDAQ below the ticker symbols “SWVL” and “SWVLW”, respectively.

Swvl gained gross proceeds from the transaction of somewhere around $164.8 million from its upsized, fully committed $111.5 million PIPE and the receipt of about $53.3 million of cash from Queen’s Gambit’s belief account web of redemptions. In addition, matter to the fulfillment or waiver of selected closing ailments, following the closing of the business mixture Swvl will have access to supplemental funds by way of an further PIPE commitment 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, mentioned, “Completing our small business mix with Queen’s Gambit is a huge milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it must be a basic suitable for all. As a general public company, we strategy to develop on Swvl’s exponential expansion to day and proprietary tech-enabled platform, making certain that underserved populations have access to answers that are harmless, practical and economical. In turn, we will leverage our very best-in-class staff, set up partnerships and proprietary tech stack with differentiated answers.”

Victoria Grace, Founder and CEO of Queen’s Gambit Advancement Cash and Board Member of Swvl Holdings Corp, reported, “We have been very pleased to partner with Swvl, and are incredibly thrilled to continue our partnership just after the closing of this momentous enterprise mixture. Considering that saying our merger past yr, Swvl has flawlessly executed on its business enterprise prepare. During this sort of time it has strategically expanded its market place-top existence in current geographies throughout Africa and Asia, whilst expanding into other significant development destinations across Europe and Latin The usa as a result of a mixture of natural and organic launches and strategic M&A. With an established management position in key emerging marketplaces and industry existence throughout additional than 100 metropolitan areas in around 20 international locations on four continents, we believe Swvl will go on to capitalize on the genuinely global $1 trillion mass transit marketplace option with large advancement at scale.”

Youssef Salem, Swvl CFO, said, “On behalf of the overall Swvl group, we would like to thank our riders, captains, colleagues, investors and enterprise companions for their have faith in and partnership. With apparent strategic route, a tested execution track record and a demonstrated organization product, Swvl is poised to choose the next action in its historic evolution. With our community forex and entry to considerable swimming pools of cash, we program to make on our the latest expansions into Europe and Latin The usa, important acquisitions of controlling pursuits in Shotl, doorway2door and Viapool, and investments in the Uk and Mexico, and execute further more strategic initiatives making persuasive value for buyers and all stakeholders alike.”

Appointment of Gbenga Oyebode to Board of Administrators and Audit Committee

Swvl Holdings Corp has selected Gbenga Oyebode to serve as a Course 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 single of the major law firms in Nigeria. Mr. Oyebode currently serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Firm and PZ Cussons Nigeria PLC.  In addition, Mr. Oyebode embodies a spirit of philanthropy as a result of his company as the chairman of Instruct for Nigeria, director of Educate 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 Forum, Carnegie Hall and the Ford Basis.  Mr. Oyebode has previously served on the boards of Entry Lender Plc and MTN Nigeria Plc.

Mr. Oyebode holds bachelor of legal guidelines levels from the College of Ife and the Nigerian Law Faculty and a master of rules diploma from the University of Pennsylvania.  He also holds one of Nigeria’s highest honors, the Member of the Order of the Federal Republic of Nigeria, and is a receiver of the Belgian royal honor of Knight of the Purchase of Leopold.

About Swvl

Swvl is a global supplier of transformative tech-enabled mass transit methods, offering intercity, intracity, B2B and B2G transportation throughout much more than 100 cities in above 20 nations. The Firm’s system gives complimentary semi-non-public choices to public transportation for people today who are unable to access or afford private choices. Just about every working day, Swvl’s parallel mass transit techniques are empowering people today to go exactly where they want, when they want – generating mobility safer, far more successful, obtainable, and environmentally helpful. Buyers can ebook their rides on an easy-to-use proprietary application with various payment options and 24 / 7 access to large-high quality private buses and vans.

Swvl was co-founded by Mostafa Kandil, who released Carmudi in the Philippines, which grew to become the biggest auto classifieds platform in the state in just six months. He then served as Rocket Internet’s Head of Functions. In 2016, Kandil joined Careem, a trip-sharing organization and the initially unicorn in the Center East, exactly where he introduced expert services in a number of new marketplaces.

For supplemental information about Swvl, make sure you take a look at www.swvl.com.

Ahead-Hunting Statements

Specific statements produced herein are not historic facts but are forward-seeking statements. Forward-on the lookout statements usually are accompanied by text these types of as “believe,” “could,” “will,” “estimate,” “carry on,” “foresee,” “intend,” “expect,” “must,” “would,” “program,” “predict,” “possible,” “seem to be,” “seek,” “long term,” “outlook” and identical expressions that predict or indicate long run events or traits or that are not statements of historical matters. These ahead-searching statements contain, but are not minimal to, statements regarding upcoming activities, the business mix among the Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the estimated or expected long run effects and positive aspects of the blended organization next the enterprise combination, potential prospects for the merged company and other statements that are not historic details.

These statements are dependent on the latest anticipations of Swvl and/or Queen’s Gambit’s administration and are not predictions of precise functionality. These forward-hunting statements are offered for illustrative applications only and are not meant to provide as, and have to not be relied on, by any trader as a assure, an assurance, a prediction or a definitive assertion of fact or likelihood. Actual occasions and instances are hard or difficult to predict and will differ from assumptions. Quite a few real situations and situation are beyond the management of Swvl and Queen’s Gambit. These statements are subject matter to a amount of challenges and uncertainties pertaining to Swvl’s enterprise and the enterprise mix, and genuine benefits may vary materially. These hazards and uncertainties include things like, but are not confined to: basic economic, political and organization circumstances, like but not minimal to the financial and operational disruptions and other consequences of the COVID-19 pandemic the outcome of any authorized proceedings that may perhaps be instituted towards the events adhering to the consummation of the business mixture failure to know the predicted benefits of the company blend specific risks that may possibly later on crop up as a final result of the limited time Queen’s Gambit experienced to carry out owing diligence the hazard that the business enterprise combination disrupts existing plans and functions as a consequence of the consummation of the business blend the skill of the blended company to execute its advancement method, regulate growth profitably and retain its crucial employees competitiveness with other firms in the mobility sector Swvl’s minimal functioning heritage and deficiency of knowledge as a community business latest implementation of specific insurance policies and procedures to ensure compliance with applicable rules and rules, such as with regard to anti-bribery, anti-corruption, and cyber defense the hazard that Swvl is not ready to execute its advancement prepare, which relies upon on swift, intercontinental expansion the chance that Swvl is unable to catch the attention of and retain people and experienced motorists and other large top quality personnel the threat that Swvl is not able to secure and enforce its intellectual home legal rights the chance that Swvl is not able to establish rider demand from customers to establish new offerings on its platform the problem of obtaining required registrations, licenses, permits or approvals in jurisdictions in which Swvl at this time operates or may possibly in the potential operate the truth that Swvl now operates in and intends to expand into jurisdictions that are, or have been, characterised by political instability, may well have inadequate or restricted regulatory and authorized frameworks and could have confined, if any, treaties or other arrangements in place to guard overseas investment decision or involvement the danger that Swvl’s drivers could be categorised as staff, workers or quasi-personnel in the jurisdictions they function the point that Swvl has functions in countries regarded to encounter high stages of corruption and is topic to territorial anti-corruption laws in these jurisdictions the skill of Holdings to maintain the listing of its securities on a U.S. national securities exchange adhering to the business enterprise mix charges linked to the business mix Swvl’s acquisitions of managing pursuits in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH could not be valuable to Swvl as a consequence of the expense of integrating geographically disparate functions and the diversion of management’s awareness from its current enterprise, among the other matters and other pitfalls that will be in depth from time to time in filings with the U.S. Securities and Trade Commission. The foregoing listing of possibility components is not exhaustive. There may possibly be additional hazards that Swvl presently does not know or that Swvl currently thinks are immaterial that could also bring about true results to differ from these contained in ahead-on the lookout statements. In addition, ahead-hunting statements give Swvl’s anticipations, options or forecasts of upcoming activities and sights as of the day of this communication. Swvl anticipates that subsequent functions and developments will cause Swvl’s assessments and projections to adjust. On the other hand, whilst Swvl may perhaps elect to update these forward-searching statements in the future, Swvl specially disclaims any obligation to do so. These ahead-seeking statements must not be relied on as symbolizing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance must not be positioned on the ahead-searching statements.

Media Get in touch with

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

Investor Speak to

Youssef Salem
Swvl CFO
[email protected]

 

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