Queen’s Gambit Growth Capital shareholders voted today in favor of merging with Swvl, a ride-sharing company operating mainly in areas of the Middle East and Africa where mass transit is plagued by poor reliability.
Subject to the satisfaction or waiver of closing conditions, the business combination is expected to close tomorrow. Swvl Holdings shares and warrants are expected to begin trading on the Nasdaq under the ticker symbols GMBT and GMBTW for one day on March 31. Starting April 1 and going forward, Swvl Holdings shares and warrants will trade under the ticker symbols SWVL and SWVLW.
Queen’s Gambit disclosed yesterday that 29,227,806 shares were redeemed ahead of the merger vote, representing nearly 85% of the SPAC’s cash in trust. While shareholders who redeemed have until 3 p.m. Eastern today to reverse their decision, Swvl has still agreed to waive the $185 million minimum cash condition to seal the deal if sufficent shareholders do not change their minds. The SPAC may hit the minimum cash threshold, anyway, through a combination of remaining cash in trust and PIPE financing. Read more.
