KARACHI: Swvl Inc. (“Swvl” or the “Company”), a global provider of transformative tech-enabled mass transit solutions, announced the completion of its previously announced business combination with Queen’s Gambit Growth Capital, the first special purpose acquisition company founded and led entirely by women (“Queen’s Gambit”) (NASDAQ: GMBT) following an extraordinary general meeting of Queen’s Gambit’s shareholders (the “Shareholders’ Meeting”) held on March 30.

The combined company has changed its name to Swvl Holdings Corp. The Class A ordinary shares and warrants of the combined company will continue to trade on NASDAQ under the ticker symbols “GMBT” and “GMBTW”, respectively.

Swvl received gross proceeds from the transaction of approximately $164.6 million from its upsized, fully committed $111.5 million PIPE and the receipt of approximately $53.1 million of cash from Queen’s Gambit’s trust account net of redemptions.

In addition, subject to the satisfaction or waiver of certain closing conditions, after the closing of the business combination Swvl will have access to additional capital via an additional PIPE commitment of $10.0 million, which it expects to close in the second quarter of 2022, and a $471.9 million equity financing facility.

Mostafa Kandil, Swvl Founder and CEO, said, “completing our business combination with Queen’s Gambit is a tremendous milestone for Swvl and for sustainable mass transit globally.