SWVL COMPLETES BUSINESS COMBINATION WITH QUEEN'S GAMBIT GROWTH CAPITAL

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Swvl ordinary shares and warrants predicted to commence trading on NASDAQ tomorrow less than the symbols “SWVL” and “SWVLW,” respectively

Gross proceeds to Swvl from the transaction of $164.8 million from upsized, totally dedicated $111.5 million PIPE and $53.3 million of cash held in have faith in net of redemptions

Issue to gratification or waiver of sure closing disorders, Swvl will have access to more capital by way of an added PIPE dedication of $10. million and a $471.7 million fairness funding facility

Transaction that includes the very first unique reason acquisition company launched and led completely by ladies, closes on the historic last working day of Women’s Record Month

Addition of Gbenga Oyebode rounds out Board of Directors and audit committee with an seasoned leader who has served on boards of public and non-public providers

NEW YORK, March 31, 2022 /PRNewswire/ — Swvl Inc. (“Swvl” or the “Company”), a global service provider of transformative tech-enabled mass transit solutions, currently declared the completion of its beforehand introduced business enterprise blend with Queen’s Gambit Progress Capital, the first particular purpose acquisition enterprise launched and led fully by women (“Queen’s Gambit”) (NASDAQ: GMBT) adhering to an incredible typical conference of Queen’s Gambit’s shareholders (the “Shareholders’ Conference”) held on March 30, 2022. The mixed business has transformed its title to Swvl Holdings Corp. The Class A common shares and warrants of the put together enterprise will continue to trade on NASDAQ beneath the ticker symbols “GMBT” and “GMBTW”, respectively, by way of today. Tomorrow, April 1, 2022, Swvl Holdings Corp’s Class A standard shares and warrants are expected to commence trading on NASDAQ less than the ticker symbols “SWVL” and “SWVLW”, respectively.

Swvl acquired gross proceeds from the transaction of somewhere around $164.8 million from its upsized, thoroughly dedicated $111.5 million PIPE and the receipt of somewhere around $53.3 million of money from Queen’s Gambit’s belief account web of redemptions. In addition, topic to the pleasure or waiver of certain closing circumstances, soon after the closing of the enterprise combination Swvl will have accessibility to supplemental cash via an additional PIPE dedication of $10. million, which it expects to shut in the next quarter of 2022, and a $471.7 million fairness funding facility.

Mostafa Kandil, Swvl Founder and CEO, mentioned, “Finishing our small business mix with Queen’s Gambit is a remarkable milestone for Swvl and for sustainable mass transit globally. Mobility and the empowerment that will come with it ought to be a basic ideal for all. As a community organization, we prepare to make on Swvl’s exponential advancement to date and proprietary tech-enabled system, ensuring that underserved populations have entry to solutions that are protected, convenient and inexpensive. In transform, we will leverage our greatest-in-class group, founded partnerships and proprietary tech stack with differentiated alternatives.”

Victoria Grace, Founder and CEO of Queen’s Gambit Expansion Cash and Board Member of Swvl Holdings Corp, explained, “We have been happy to associate with Swvl, and are extremely psyched to go on our marriage after the closing of this momentous company combination. Given that announcing our merger very last yr, Swvl has flawlessly executed on its business enterprise program. For the duration of this kind of time it has strategically expanded its market-primary existence in present geographies across Africa and Asia, although expanding into other high expansion places across Europe and Latin The united states by way of a combination of organic and natural launches and strategic M&A. With an recognized management place in important emerging markets and industry existence throughout a lot more than 100 cities in about 20 nations around the world on 4 continents, we consider Swvl will continue on to capitalize on the certainly worldwide $1 trillion mass transit market place prospect with huge growth at scale.”

Youssef Salem, Swvl CFO, said, “On behalf of the entire Swvl corporation, we would like to thank our riders, captains, colleagues, investors and small business associates for their have confidence in and partnership. With distinct strategic way, a proven execution track report and a demonstrated company design, Swvl is poised to get the up coming action in its historic evolution. With our community currency and obtain to considerable pools of cash, we approach to establish on our current expansions into Europe and Latin The united states, important acquisitions of managing interests in Shotl, door2door and Viapool, and investments in the United kingdom and Mexico, and execute additional strategic initiatives making compelling worth for buyers and all stakeholders alike.”

Appointment of Gbenga Oyebode to Board of Directors and Audit Committee

Swvl Holdings Corp has picked Gbenga Oyebode to serve as a Course I director on Swvl Holding Corp’s Board of Administrators and as a member of the audit committee.

Gbenga Oyebode, age 62, is the co-founder and former chairman of Aluko & Oyebode, a person of the biggest legislation corporations in Nigeria. Mr. Oyebode currently serves on the boards of Nestlé Nigeria Plc, Lafarge Africa Plc, Socfinaf SA, Okomu Oil Palm Corporation and PZ Cussons Nigeria PLC. In addition, Mr. Oyebode embodies a spirit of philanthropy via his provider as the chairman of Teach for Nigeria, director of Teach for All and as a member of the Global Advisory Council of the African Management Academy. Mr. Oyebode also sits on the boards of Jazz at the Lincoln Middle, the African Philanthropy Discussion board, Carnegie Hall and the Ford Basis. Mr. Oyebode has beforehand served on the boards of Entry Bank Plc and MTN Nigeria Plc.

Mr. Oyebode holds bachelor of rules degrees from the University of Ife and the Nigerian Legislation College and a grasp of legislation diploma from the University of Pennsylvania. He also holds a single of Nigeria’s maximum honors, the Member of the Get of the Federal Republic of Nigeria, and is a recipient of the Belgian royal honor of Knight of the Purchase of Leopold.

About Swvl

Swvl is a world wide company of transformative tech-enabled mass transit alternatives, featuring intercity, intracity, B2B and B2G transportation across additional than 100 towns in above 20 international locations. The Company’s system delivers complimentary semi-non-public alternatives to public transportation for men and women who can not accessibility or find the money for private solutions. Every single working day, Swvl’s parallel mass transit methods are empowering people to go in which they want, when they want – creating mobility safer, extra effective, available, and environmentally pleasant. Buyers can e book their rides on an quick-to-use proprietary application with diverse payment possibilities and 24 / 7 access to superior-top quality personal buses and vans.

Swvl was co-started by Mostafa Kandil, who launched Carmudi in the Philippines, which turned the most significant automobile classifieds platform in the nation in just 6 months. He then served as Rocket Internet’s Head of Operations. In 2016, Kandil joined Careem, a ride-sharing business and the first unicorn in the Middle East, the place he launched solutions in multiple new markets.

For further info about Swvl, be sure to go to www.swvl.com.

Forward-On the lookout Statements

Specific statements manufactured herein are not historic information but are ahead-searching statements. Forward-looking statements typically are accompanied by text this sort of as “believe,” “may,” “will,” “estimate,” “carry on,” “foresee,” “intend,” “hope,” “ought to,” “would,” “prepare,” “forecast,” “possible,” “appear to be,” “request,” “long term,” “outlook” and similar expressions that forecast or reveal foreseeable future gatherings or developments or that are not statements of historic issues. These ahead-hunting statements contain, but are not confined to, statements pertaining to upcoming gatherings, the business enterprise combination between Swvl, Pivotal Holdings Corp (“Holdings”) and Queen’s Gambit, the approximated or anticipated upcoming success and benefits of the put together organization adhering to the business mix, foreseeable future possibilities for the put together firm and other statements that are not historical facts.

These statements are based mostly on the existing anticipations of Swvl and/or Queen’s Gambit’s management and are not predictions of actual overall performance. These forward-hunting statements are presented for illustrative uses only and are not intended to serve as, and have to not be relied on, by any investor as a ensure, an assurance, a prediction or a definitive assertion of fact or likelihood. Precise activities and circumstances are tricky or unattainable to forecast and will vary from assumptions. Lots of real functions and situations are over and above the regulate of Swvl and Queen’s Gambit. These statements are matter to a number of hazards and uncertainties pertaining to Swvl’s small business and the business enterprise combination, and true benefits may perhaps differ materially. These threats and uncertainties include things like, but are not constrained to: typical economic, political and enterprise situations, like but not constrained to the financial and operational disruptions and other outcomes of the COVID-19 pandemic the consequence of any legal proceedings that could be instituted versus the events adhering to the consummation of the company mix failure to notice the anticipated advantages of the enterprise blend particular hazards that could later arise as a result of the restricted time Queen’s Gambit had to perform due diligence the chance that the business blend disrupts recent designs and functions as a final result of the consummation of the business enterprise blend the ability of the merged corporation to execute its advancement method, deal with growth profitably and keep its key staff members opposition with other corporations in the mobility industry Swvl’s minimal working historical past and absence of knowledge as a community organization latest implementation of selected procedures and procedures to be certain compliance with relevant guidelines and polices, together with with regard to anti-bribery, anti-corruption, and cyber safety the risk that Swvl is not in a position to execute its development plan, which relies upon on rapid, global enlargement the chance that Swvl is not able to appeal to and retain consumers and capable motorists and other superior high quality personnel the danger that Swvl is unable to guard and enforce its intellectual property legal rights the risk that Swvl is unable to identify rider desire to establish new offerings on its system the issue of acquiring expected registrations, licenses, permits or approvals in jurisdictions in which Swvl currently operates or may in the potential operate the reality that Swvl at this time operates in and intends to develop into jurisdictions that are, or have been, characterised by political instability, may have insufficient or restricted regulatory and legal frameworks and may possibly have constrained, if any, treaties or other preparations in area to protect foreign investment or involvement the possibility that Swvl’s drivers could be classified as employees, employees or quasi-workers in the jurisdictions they function the fact that Swvl has functions in nations around the world acknowledged to working experience high ranges of corruption and is matter to territorial anti-corruption laws in these jurisdictions the skill of Holdings to maintain the listing of its securities on a U.S. nationwide securities exchange pursuing the business blend charges linked to the enterprise blend Swvl’s acquisitions of managing pursuits in Shotl Transportation, S.L., Viapool Inc. and doorway2doorGmbH might not be effective to Swvl as a result of the value of integrating geographically disparate functions and the diversion of management’s attention from its existing company, among the other matters and other dangers that will be in depth from time to time in filings with the U.S. Securities and Trade Commission. The foregoing listing of threat things is not exhaustive. There may possibly be extra dangers that Swvl presently does not know or that Swvl at the moment believes are immaterial that could also cause precise benefits to vary from those contained in ahead-wanting statements. In addition, forward-seeking statements offer Swvl’s expectations, strategies or forecasts of long run functions and views as of the date of this communication. Swvl anticipates that subsequent functions and developments will bring about Swvl’s assessments and projections to adjust. However, while Swvl may elect to update these forward-looking statements in the future, Swvl precisely disclaims any obligation to do so. These forward-seeking statements need to not be relied upon as symbolizing Swvl’s assessments as of any day subsequent to the date of this interaction. Appropriately, undue reliance should not be positioned upon the forward-seeking statements.

Media Make contact with

Daniel Yunger
Kekst CNC
[email protected]
917-574-8582

Investor Make contact with

Youssef Salem
Swvl CFO
[email protected]