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Concordium and Swvl have announced a strategic partnership to leverage blockchain technology in developing next-generation mass transit systems. Swvl, valued at $1.5 billion, is set to merge with Queen's Gambit Growth Capital (NASDAQ: GMBT), becoming the first Middle Eastern unicorn to list on Nasdaq. The blockchain platform from Concordium aims to enhance operational efficiency, improve customer experiences, and support environmental sustainability in mass transit. This collaboration aligns with Swvl's goal to expand its services across 20 countries by 2025.
On August 5, 2021, Swvl announced the appointment of three experienced women leaders to its Board of Directors following its business combination with Queen's Gambit Growth Capital (GMBT). The new board members are Victoria Grace, Lone Fønss Schrøder, and Esther Dyson, who bring extensive backgrounds in technology and investment. This move emphasizes Swvl's commitment to diversity and aims to enhance its leadership as it targets the $1 trillion global mass transit market. The business combination is set to close in Q4 2021, marking Swvl as the first Middle Eastern unicorn to list on Nasdaq.
Swvl Inc. has entered into a definitive agreement with Queen's Gambit Growth Capital for a business combination, resulting in Swvl becoming publicly listed as Swvl Holdings Corp on NASDAQ under the ticker symbol 'SWVL'. This transaction aims to capitalize on the $1 trillion global mass transit market, with forecasted revenues of $79 million in 2021 and $403 million in 2023. Swvl has achieved rapid growth, with a proven management team and extensive user base across key emerging markets. The combination is expected to enhance Swvl's strategic growth initiatives and expand its mobility solutions globally.
Queen's Gambit Growth Capital received a notice from NASDAQ for failing to file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. While this notice does not immediately impact the company's NASDAQ listing, it must submit a compliance plan within 60 days, by July 26, 2021. The company aims to file the Form 10-Q as soon as possible. Queen's Gambit Growth Capital is a female-led special purpose acquisition company focused on mergers and sustainable developments.