SWVL completes business merger with Queen’s Gambit growth capital – Latest News – The Nation

Swvl will get indexed on NASDAQ below the banner of Queen’s Gambit

Swvl — the multinational technology-driven journey hailing carrier, that was once shaped in Cairo and has headquarters in Dubai, started buying and selling at the NASDAQ in the USA on Thursday 31st March 2022. The corporate is valued at $1.5 billion. It is likely one of the first native firms that went on to determine itself within the West.

Mostafa Kandil, the co-founder and leader govt officer of Swvl made issues respectable for the IPO by means of ringing the outlet bell on the NASDAQ place of business in Instances Sq., New York.

Youssef Salem, Swvl’s leader monetary officer, informed The Nationwide, “It was once fairly unbelievable. Everybody was once simply so extremely excited.”

Buying and selling opened at 9.30am EST with stocks beginning at $9.95 in line with percentage. They have been buying and selling at $9.33 at 3.10pm EST.

This marked the finishing touch of Swvl’s merger with Queen’s Gambit Growth Capital, which is the primary particular objective acquisition corporate that was once based and is administered solely by means of girls. The building came about following an peculiar basic assembly of Queen’s Gambit’s shareholders that was once hung on March 30, 2022. The blended corporate has modified its title to Swvl Holdings Corp.

“The key factor for us is that we’re the primary tech-enabled mass transit participant to listing on any change globally — so no longer simply the primary out of the Heart East, we’re the primary out of all of the global,” Mr. Salem mentioned.

The Magnificence A bizarre stocks and warrants of the blended corporate will proceed to industry on NASDAQ, the American Inventory Alternate, based totally in New York below the ticker symbols “GMBT” and “GMBTW”, respectively. From this level on, Swvl’s Magnificence A bizarre stocks and warrants are anticipated to start buying and selling on NASDAQ below the ticker symbols “SWVL” and “SWVLW”, respectively.

Mostafa Kandil, Swvl Founder and CEO, mentioned, “Finishing our business mixture with Queen’s Gambit is an amazing milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that comes with it must be a basic proper for all. As a public corporate, we plan to construct on Swvl’s exponential growth so far and proprietary tech-enabled platform, making sure that underserved populations have get entry to to answers which might be protected, handy and inexpensive. In flip, we will be able to leverage our best-in-class crew, established partnerships and proprietary tech stack with differentiated answers.”

Swvl won gross proceeds from the transaction of roughly $164.6 million from its upsized, absolutely dedicated $111.5 million PIPE (Personal Funding in Public Fairness) and the receipt of roughly $53.1 million of money from Queen’s Gambit’s believe account internet of redemptions. As soon as the merger involves an finish, Swvl may have get entry to to further capital by the use of an extra PIPE dedication of $10.0 million, which it expects to near in the second one quarter of 2022, and a $471.9 million fairness financing facility, relying upon the prerequisites.

About Swvl

Swvl is an international supplier of transformative tech-enabled mass transit answers. It was once introduced in Pakistan as a tech-driven journey hailing carrier within the 12 months 2019. As a rustic that has struggled with mobility, Swvl has modified the sport in terms of public transportation in Pakistan for many who can not get entry to or manage to pay for personal choices. This is why why Swvl has won the sort of heat reaction within the nation. The carrier operates on B2C, intra-city go back and forth together with Karachi, Lahore, Islamabad and Faisalabad, inter-city transportation in additional than 20 towns, in addition to B2B for companies.

Swvl empowers folks to move anyplace they would like, when they would like – making mobility more secure, extra environment friendly, obtainable, and environmentally pleasant. Shoppers can ebook their rides on an easy-to-use proprietary app with various cost choices, and 24×7 get entry to to top quality personal buses and trucks.

For additional info about Swvl, please discuss with www.swvl.com.

 

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