Queen’s Gambit Growth Capital in an 8-K filing disclosed that it and ACM ARRT VII agreed to terminate a forward purchase agreement for 10 million shares. The FPA was in support of the SPAC’s pending merger with Swvl, a ride-sharing startup operating mainly in the Middle East. Queen’s Gambit in the filing also said it has terminated a subscription agreement for $2 million in stock.
In a separate announcement today, Swvl said it entered into agreements for an additional $21.5 million PIPE with new investors including European Bank for Reconstruction and Development also participating. These institutions join a group of global strategic and financial investors providing fully committed PIPE financing for the transaction, including Agility, Luxor Capital Group, Chimera, and Zain.
A vote date has not been set on the merger with Swvl. The SPAC’s stock has not cracked the $10 barrier for a year, according to Nasdaq data, which also shows Queen’s Gambit with a market cap of nearly $423.5 million.
The deal with Swvl has an implied equity value of $1.5 billion. A new prelim F-4 was filed yesterday by Swvl’s parent company. Read more.
