Brief: Swvl To Merge With SPAC Queen's Gambit Growth Capital

Swvl Holdings

28/07/2021 14:23

July 28 (Reuters) - Queens Gambit Growth Capital  GMBT.O :
    * SWVL, A TRANSFORMATIVE MASS TRANSIT PLATFORM, ANNOUNCES
BUSINESS
COMBINATION WITH QUEEN'S GAMBIT GROWTH CAPITAL
    * QUEENS GAMBIT GROWTH CAPITAL - FULLY DILUTED EQUITY VALUE
OF
COMBINED CO OF APPROXIMATELY $1.5 BILLION
    * QUEEN'S GAMBIT GROWTH CAPITAL - TRANSACTION TO PROVIDE
GROSS
PROCEEDS OF UP TO APPROXIMATELY $445 MILLION TO COMBINED PUBLIC
COMPANY
    * QUEENS GAMBIT GROWTH CAPITAL - EXISTING SWVL SHAREHOLDERS
EXPECTED TO OWN APPROXIMATELY 65% OF COMBINED COMPANY
    * QUEEN'S GAMBIT GROWTH CAPITAL - COMBINED COMPANY WILL BE
NAMED
SWVL HOLDINGS CORP AND IS EXPECTED TO BE LISTED ON NASDAQ UNDER
TICKER SYMBOL "SWVL"
    * QUEENS GAMBIT GROWTH CAPITAL - MOSTAFA KANDIL WILL
CONTINUE AS
CHIEF EXECUTIVE OFFICER OF COMBINED COMPANY
    * QUEENS GAMBIT GROWTH CAPITAL - BOARD OF COMBINED CO WILL
INCLUDE
MOSTAFA KANDIL, VICTORIA GRACE & LONE FONSS SCHRODER
    * QUEENS GAMBIT GROWTH CAPITAL - BOARD OF DIRECTORS OF
COMBINED CO
WILL ALSO INCLUDE SIX ADDITIONAL MEMBERS TO BE APPOINTED BY SWVL
PRIOR TO CLOSING
    * QUEEN'S GAMBIT GROWTH CAPITAL -  TRANSACTION INCLUDES AN
UPSIZED
$100 MILLION FULLY COMMITTED COMMON SHARE PIPE
    * QUEENS GAMBIT GROWTH CAPITAL - BOARD OF COMBINED CO WILL
ALSO
ESTABLISH AN ADVISORY COMMITTEE, INCLUDING TWO MEMBERS OF
QUEEN'S GAMBIT

Source text for Eikon:  ID:nPn19P4mVa 
Further company coverage:  GMBT.O 

 ((Reuters.Briefs@thomsonreuters.com;))