Ride sharing company Swvl Holdings announced that certain shareholders, directors and officers of the company and Queen’s Gambit Holdings voluntarily extended their respective lock-up agreements.
Previously these shareholders were subject to lock-ups varying from 6 to 12 months after the date of closing of Swvl’s business combination on March 31. Lock-Up holders have now committed to extend this time period to 12 or 18 months following the merger closing.
Collectively, the lock-up holders who agreed to the extensions own 100,414,134 Class A shares, which represent approximately 84% of the total shares outstanding.
The deal with Swvl as announced last year had an implied equity value of $1.5 billion. Redemptions preceding the merger vote erased about 30% of the SPAC’s cash in trust. Read more.
