SWVL COMPLETES BUSINESS COMBINATION WITH QUEEN’S GAMBIT GROWTH CAPITAL

Swvl standard shares and warrants anticipated to begin buying and selling on NASDAQ tomorrow less than the symbols “SWVL” and “SWVLW,” respectively

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

Matter to fulfillment or waiver of sure closing situations, Swvl will have access to supplemental funds through an additional PIPE determination of $10. million and a $471.7 million equity funding facility

Transaction showcasing the very first exclusive intent acquisition corporation established and led solely by ladies, closes on the historic very last day of Women’s History Month

Addition of Gbenga Oyebode rounds out Board of Administrators and audit committee with an professional chief who has served on boards of general public and private firms

NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Business”), a world-wide company of transformative tech-enabled mass transit answers, these days announced the completion of its formerly introduced small business mix with Queen’s Gambit Development Money, the very first exclusive function acquisition company launched and led solely by women (“Queen’s Gambit”) (NASDAQ: GMBT) subsequent an remarkable general meeting of Queen’s Gambit’s shareholders (the “Shareholders’ Meeting”) held on March 30, 2022. The blended organization has modified its name to Swvl Holdings Corp. The Course A ordinary shares and warrants of the put together corporation will keep on to trade on NASDAQ underneath the ticker symbols “GMBT” and “GMBTW”, respectively, as a result of nowadays. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Course A ordinary shares and warrants are predicted to start trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.

Swvl gained gross proceeds from the transaction of somewhere around $164.8 million from its upsized, entirely fully commited $111.5 million PIPE and the receipt of roughly $53.3 million of income from Queen’s Gambit’s have faith in account net of redemptions. In addition, issue to the pleasure or waiver of specific closing situations, just after the closing of the small business blend Swvl will have access to additional funds by means of an more PIPE motivation of $10. million, which it expects to shut in the next quarter of 2022, and a $471.7 million equity financing facility.

Mostafa Kandil, Swvl Founder and CEO, mentioned, “Finishing our organization blend with Queen’s Gambit is a incredible milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it must be a essential proper for all. As a general public corporation, we system to create on Swvl’s exponential expansion to date and proprietary tech-enabled platform, guaranteeing that underserved populations have accessibility to solutions that are safe and sound, convenient and reasonably priced. In flip, we will leverage our finest-in-course staff, proven partnerships and proprietary tech stack with differentiated options.”

Victoria Grace, Founder and CEO of Queen’s Gambit Development Money and Board Member of Swvl Holdings Corp, stated, “We have been proud to lover with Swvl, and are really fired up to carry on our partnership soon after the closing of this momentous enterprise mixture. Because announcing our merger last year, Swvl has flawlessly executed on its business program. During these time it has strategically expanded its market-top presence in current geographies across Africa and Asia, whilst expanding into other substantial development places throughout Europe and Latin The united states by a mixture of natural launches and strategic M&A. With an set up leadership situation in crucial rising markets and industry existence across far more than 100 towns in about 20 nations on four continents, we believe Swvl will carry on to capitalize on the genuinely international $1 trillion mass transit market option with enormous development at scale.”

Youssef Salem, Swvl CFO, said, “On behalf of the whole Swvl business, we would like to thank our riders, captains, colleagues, investors and business companions for their belief and partnership. With clear strategic path, a confirmed execution monitor history and a shown enterprise product, Swvl is poised to just take the subsequent stage in its historic evolution. With our public forex and entry to considerable swimming pools of money, we approach to develop on our recent expansions into Europe and Latin The united states, big acquisitions of controlling pursuits in Shotl, door2doorway and Viapool, and investments in the Uk and Mexico, and execute even further strategic initiatives creating compelling worth for traders and all stakeholders alike.”

Appointment of Gbenga Oyebode to Board of Directors and Audit Committee

Swvl Holdings Corp has picked Gbenga Oyebode to serve as a Course I director on Swvl Keeping Corp’s Board of Directors and as a member of the audit committee. 

Gbenga Oyebode, age 62, is the co-founder and previous chairman of Aluko & Oyebode, just one of the most significant regulation companies in Nigeria. Mr. Oyebode at the moment 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 by way of his assistance as the chairman of Educate for Nigeria, director of Instruct for All and as a member of the World-wide Advisory Council of the African Leadership Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Center, the African Philanthropy Discussion board, Carnegie Corridor and the Ford Foundation.  Mr. Oyebode has beforehand served on the boards of Access Lender Plc and MTN Nigeria Plc.

Mr. Oyebode retains bachelor of guidelines degrees from the University of Ife and the Nigerian Regulation School and a master of legal guidelines degree from the University of Pennsylvania.  He also retains 1 of Nigeria’s greatest honors, the Member of the Order of the Federal Republic of Nigeria, and is a recipient of the Belgian royal honor of Knight of the Order of Leopold.

About Swvl

Swvl is a world wide supplier of transformative tech-enabled mass transit methods, giving intercity, intracity, B2B and B2G transportation across additional than 100 metropolitan areas in over 20 nations around the world. The Firm’s system presents complimentary semi-private alternate options to public transportation for individuals who simply cannot obtain or pay for non-public selections. Every single day, Swvl’s parallel mass transit programs are empowering individuals to go exactly where they want, when they want – earning mobility safer, much more effective, accessible, and environmentally helpful. Prospects can book their rides on an quick-to-use proprietary application with assorted payment solutions and 24 / 7 access to superior-high-quality personal buses and vans.

Swvl was co-started by Mostafa Kandil, who launched Carmudi in the Philippines, which became the most significant automobile classifieds system in the state in just six months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a experience-sharing enterprise and the 1st unicorn in the Center East, the place he launched companies in a number of new markets.

For further information about Swvl, please pay a visit to www.swvl.com.

Forward-On the lookout Statements

Sure statements manufactured herein are not historic facts but are ahead-seeking statements. Ahead-looking statements generally are accompanied by words and phrases such as “imagine,” “may well,” “will,” “estimate,” “continue on,” “foresee,” “intend,” “expect,” “need to,” “would,” “program,” “forecast,” “prospective,” “appear to be,” “seek out,” “foreseeable future,” “outlook” and equivalent expressions that forecast or suggest upcoming events or trends or that are not statements of historical matters. These forward-hunting statements incorporate, but are not limited to, statements relating to long run situations, the company mix between Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or predicted long term final results and advantages of the combined corporation pursuing the organization mix, upcoming possibilities for the mixed enterprise and other statements that are not historical information.

These statements are based on the present-day anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of real general performance. These ahead-seeking statements are supplied for illustrative reasons only and are not intended to serve as, and will have to not be relied on, by any trader as a assure, an assurance, a prediction or a definitive statement of point or chance. True functions and situations are hard or unachievable to predict and will vary from assumptions. Quite a few genuine events and situations are further than the management of Swvl and Queen’s Gambit. These statements are topic to a range of dangers and uncertainties concerning Swvl’s business and the business blend, and actual success may possibly vary materially. These risks and uncertainties include things like, but are not constrained to: normal economic, political and organization problems, together with but not constrained to the economic and operational disruptions and other consequences of the COVID-19 pandemic the end result of any legal proceedings that may possibly be instituted against the get-togethers following the consummation of the business enterprise blend failure to realize the expected positive aspects of the company blend specified risks that may possibly later on crop up as a consequence of the confined time Queen’s Gambit had to carry out due diligence the hazard that the enterprise combination disrupts latest programs and functions as a end result of the consummation of the business enterprise blend the capability of the combined firm to execute its progress system, take care of advancement profitably and retain its key workers competitiveness with other organizations in the mobility market Swvl’s minimal running background and absence of practical experience as a public company recent implementation of selected procedures and procedures to assure compliance with relevant legislation and rules, together with with respect to anti-bribery, anti-corruption, and cyber safety the hazard that Swvl is not capable to execute its development system, which depends on speedy, global enlargement the hazard that Swvl is unable to catch the attention of and keep customers and capable motorists and other superior high-quality staff the possibility that Swvl is unable to defend and implement its intellectual residence legal rights the possibility that Swvl is not able to establish rider need to acquire new offerings on its platform the problems of obtaining required registrations, licenses, permits or approvals in jurisdictions in which Swvl at the moment operates or may in the foreseeable future work the truth that Swvl now operates in and intends to increase into jurisdictions that are, or have been, characterised by political instability, might have insufficient or constrained regulatory and lawful frameworks and may possibly have minimal, if any, treaties or other preparations in place to defend international financial commitment or involvement the risk that Swvl’s motorists could be labeled as employees, personnel or quasi-workforce in the jurisdictions they run the simple fact that Swvl has functions in countries identified to working experience high degrees of corruption and is issue to territorial anti-corruption rules in these jurisdictions the means of Holdings to sustain the listing of its securities on a U.S. nationwide securities exchange next the small business mixture fees relevant to the enterprise mix Swvl’s acquisitions of managing interests in Shotl Transportation, S.L., Viapool Inc. and door2doorGmbH may possibly not be valuable to Swvl as a outcome of the expense of integrating geographically disparate operations and the diversion of management’s interest from its current business enterprise, between other issues and other pitfalls that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing checklist of threat factors is not exhaustive. There may perhaps be supplemental threats that Swvl presently does not know or that Swvl now believes are immaterial that could also induce genuine results to differ from individuals contained in forward-looking statements. In addition, forward-searching statements supply Swvl’s expectations, plans or forecasts of future occasions and sights as of the day of this interaction. Swvl anticipates that subsequent functions and developments will result in Swvl’s assessments and projections to transform. On the other hand, when Swvl may elect to update these ahead-wanting statements in the potential, Swvl precisely disclaims any obligation to do so. These ahead-on the lookout statements should not be relied on as symbolizing Swvl’s assessments as of any day subsequent to the day of this conversation. Accordingly, undue reliance need to not be positioned upon the ahead-searching statements.

Media Speak to

Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582

Investor Make contact with

Youssef Salem
Swvl CFO
Investor.relations@swvl.com

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Resource Swvl Inc.