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Queen's Gambit Growth Capital (NASDAQ: GMBT) announced shareholder approval for its business combination with Swvl Inc. during the extraordinary general meeting held on March 30, 2022. The merger is set to finalize on March 31, 2022, leading to a rebranding of the combined entity as Swvl Holdings Corp. Trading for its Class A shares will commence on NASDAQ under the symbol 'SWVL' on April 1, 2022. This marks a significant milestone as Queen's Gambit is the first SPAC led by women, focused on sustainable development and innovative solutions in mass transit.
Queen's Gambit Growth Capital (NASDAQ: GMBT) announced a deadline for shareholders to withdraw redemption requests related to its business combination with Swvl Inc. (SWVL) and Pivotal Holdings Corp. The deadline for withdrawal is set for 3:00 PM ET on March 30, 2022, ahead of the expected transaction close on March 31, 2022. After the closing, Holdings' Class A ordinary shares and warrants will begin trading on Nasdaq on April 1, 2022. The merger aims to provide transformative transit solutions across various markets.
Swvl Inc. has appointed Kevin Foreman as its new Global Head of B2G offerings, enhancing its presence in North America. Foreman brings over 30 years of experience, previously spearheading Optibus' North American operations. His expertise is expected to significantly advance Swvl's SaaS and B2G initiatives, particularly following the acquisition of SaaS platforms Shotl and door2door. The company's rapid global growth positions it favorably in the mass transit sector, operating in over 100 cities across 20 countries.
Swvl has partnered with Moove to roll out electric buses across the MENAP region, enhancing their vehicle financing model. This initiative targets mobility entrepreneurs, offering 500 new buses initially, with a focus on making at least 60% of financed vehicles electric or hybrid. This partnership builds on Moove's $105 million Series A2 funding. The collaboration aims to increase bus route creation and maximize earnings for drivers while promoting sustainable transport solutions.
Queen's Gambit Growth Capital has successfully closed its initial public offering (IPO) of 34,500,000 units at $10.00 each, with the units trading on NASDAQ under the ticker symbol GMBTU since January 20, 2021. The IPO included 4,500,000 units from the underwriters' option. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, exercisable at $11.50. The company aims to merge with a target focused on sustainable development and disruptive solutions across various sectors.
