UAE - Mubasher: Swvl, a Dubai-based transport technology startup, and Nasdaq-listed Queen's Gambit Growth Capital have entered into a definitive agreement for a business combination, which will result in Swvl being listed on Nasdaq.
Following the completion of the transaction, the combined public company will be named Swvl Holdings Corp and is expected to be listed on Nasdaq under the ticker symbol 'SWVL', according to a recent press release.
Co-founded by Mostafa Kandil in 2017, Swvl will be the first $1.5 billion unicorn in the Middle East to list on Nasdaq and the only tech-enabled mass transit solutions company to list on the US stock exchange.
The public shareholders of Queen's Gambit, the first special purpose acquisition company led by women, will have minimal redemptions, with existing Swvl shareholders expected to hold around 65% of the combined company.
Kandil will continue as CEO of the combined company to supervise its growth initiatives and expansion.
The transaction is forecast to generate gross proceeds of up to around $445 million, which will be used to fund and accelerate the Dubai-based startup's growth plan.
The transaction would close in the fourth quarter (Q4) of 2021, subject to customary closing conditions, including the approval of Queen's Gambit shareholders.
Swvl Founder and CEO, Kandil, said: "We have succeeded in executing our business plan in some of the most challenging emerging markets, where inefficiencies in infrastructure and related mass transit systems represent a universal problem, and have now reached a critical inflection point where we are ready to share our expertise and technology with the rest of the world."
Meanwhile, Queen's Gambit Founder and CEO, Victoria Grace, commented: "We will bring to bear the collective financial and operational expertise of the Queen's Gambit platform, for the benefit of Swvl and the communities that it serves, and believe this combination will serve as a catalyst for massive growth at scale."
