Queen’s Gambit Growth Capital in regulatory filings this afternoon disclosed that shareholders redeemed 29,227,806 shares ahead of the pending merger with Swvl, a ride-sharing company.
Shareholders who redeemed have until 3 p.m. Eastern tomorrow to change their minds, the companies said in a news release. If sufficient shareholders do not reverse their redemption decision, Swvl has agreed to waive the minimum cash condition to seal the deal, according to the filing.
Regardless, the parties expect the merger to close March 31. Upon closing, Swvl shares and warrants are expected to begin trading on the Nasdaq under the symbols SWVL and SWVLW on April 1.
Swvl operates mainly in areas of the Middle East and Africa where mass transit is plagued by poor reliability.
The SPAC’s stock as of early February had 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 as announced last year had an implied equity value of $1.5 billion. Read more.
