DUBAI, UAE, Aug. 5, 2021 /PRNewswire/ -- Swvl Inc. ("Swvl" or
the "Company"), a Dubai-based
provider of transformative mass transit and shared mobility
solutions, today announced that upon the completion of its proposed
business combination with Queen's Gambit Growth Capital ("Queen's
Gambit") (NASDAQ: GMBT), the combined public company will appoint
three highly experienced women and technology leaders to its Board
of Directors:
- Victoria Grace, Queen's
Gambit Founder & Chief Executive Officer;
- Lone Fønss Schrøder, a tenured leader of innovative
logistics and technology-driven companies, including Vice Chair of
the Board of Directors of Volvo Cars; and
- Esther Dyson, a leading
angel investor focused on technology and other core sectors, with
notable investments including 23andMe, Evernote, Flickr and
Square.
Swvl is a mission-driven company focused on empowering
underserved populations in emerging markets, particularly women, to
achieve greater social and economic equity with tech-enabled mass
transit solutions that are reliable, convenient, safe and
affordable. With these future appointments, Swvl has made clear its
commitment to ensuring the Company's leadership reflects the same
diversity as its users and growing employee base, which is
currently comprised of 22 nationalities, as it continues to
transform the $1 trillion global mass
transit market.
Mostafa Kandil, Swvl Founder
and CEO, said, "We look forward to welcoming Victoria and Lone
to our Board, along with Esther, one of our early investors. Each
of these highly accomplished women will provide a unique lens, deep
financial and operational experience and global networks that will
be instrumental in realizing our next phase of growth. With
strategic guidance from our Board, I am confident that we will
create even greater value for all stakeholders moving forward."
Mr. Kandil continued, "The reception that Swvl has received
following its announced business combination with Queen's Gambit
has been truly humbling and remarkable. We look forward to updating
the investment community, and all stakeholders, on the many
exciting financial, operational and ESG developments underway as we
continue to execute on our mission to change the paradigm of mass
transit on a global scale."
On July 28, 2021, Swvl announced a
$1.5bn business combination with
Queen's Gambit. Following the closing of the transaction, which is
expected to occur in the fourth calendar quarter of 2021, Swvl will
become the first $1bn+ unicorn from the Middle East to list on Nasdaq and the only
tech-enabled mass transit solutions company to list on any
exchange. Swvl will also form an advisory committee, including two
members of Queen's Gambit, to focus on fostering continued
diversity and inclusion as a public company.
About Victoria Grace
- Trailblazing Founder and Chief Executive Officer of Queen's
Gambit Growth Capital, the first entirely female-led SPAC.
- Founder and Managing Partner of Colle Capital.
- A leading voice in the venture industry, focused on promoting
data-driven management, founder diversity and ESG.
- Over 40% of Colle's portfolio companies have diverse management
teams.
- Formerly a Board Director at Hyliion and Doctor.com (acquired
by Press Ganey), and currently on the boards of several Colle
portfolio companies.
- Prior to founding Colle Capital, served as a Partner at Wall
Street Technology Partners and before that as a Director of
Dresdner Kleinwort Wasserstein's Private Equity Group.
- Co-founded Work It, Mom!
About Lone Fønss Schrøder
- Tenured leader of innovative logistics and technology-driven
companies.
- Currently Chief Executive Officer of blockchain technology
company Concordium AG.
- Vice Chair of the Board of Directors of Volvo Cars.
- Board member of Ikea.
- Areas of expertise include digital transformation, new business
models, corporate strategy, bank and capital markets,
sustainability and blockchain technology.
- Holds governance positions across companies such as Aker
Holdings ASA, AKSO ASA, and INGKA Holding BV.
- Began her career at A.P. Moller Maersk A/S, where she worked
for more than 20 years and held several senior positions.
- Has served as Director in various large corporations (elected)
Handelsbanken, Schneider, Valmet, Yara, Vattenfall.
- Served as President and CEO of Wallenius Lines (2005 to 2010),
a leading provider of global factory to dealer transport solutions
for, among others, the automotive industry.
About Esther Dyson
- Executive founder of Wellville, a 10-year project (2015-2024)
focused on increasing health and equity in five US
communities.
- Accomplished investor, journalist, author, commentator, and
philanthropist.
- Angel investor focused on health, insurance, open government,
digital technology, biotechnology, logistics, and aerospace.
- Early investor in Swvl and other notable startups including
23andMe (former board member), Evernote (former board member),
Flickr, Ilara Health, Meetup (former board member), Omada Health,
ProofPilot, Square, WPP Group (former board member) and Yandex
(board member).
- Founding Chair of ICANN (Internet Corporation for Assigned
Names and Numbers) from 1998 to 2000. On the boards of the Long Now
Foundation, Open Corporates, and The Commons Project.
- Author of bestselling, widely translated 1996 book "Release
2.0: A Design for Living in the Digital Age."
About Swvl
Swvl is a global tech startup based in Dubai that provides a semi-private alternative
to public transportation for individuals who cannot afford or
access private options. The Company has built a parallel mass
transit system offering intercity, intracity, B2B and B2G
transportation in 10 megacities across Africa, Asia,
and the Middle East. Swvl's
tech-enabled offerings make mobility safer, more efficient and
environmentally friendly, while still ensuring that it is
accessible and affordable for everyone. Customers can book their
rides on an easy-to-use app with varied payment options and access
high-quality private buses and vans that operate according to fixed
routes, stations, times, and prices.
Swvl was co-founded by Mostafa
Kandil, who began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East. He supported the
platform's expansion into multiple new markets. Careem is now a
subsidiary of Uber, based in Dubai, with operations across 100 cities and
15 countries.
Forward-Looking Statements
Certain statements made herein are not historical facts but are
forward-looking statements. Forward-looking statements generally
are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding future events, the proposed business
combination between Swvl and Queen's Gambit, the estimated or
anticipated future results and benefits of the combined company
following the business combination, including the likelihood and
ability of the parties to successfully consummate the business
combination, future opportunities for the combined company and
other statements that are not historical facts.
These statements are based on the current expectations of Swvl
and/or Queen's Gambit's management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Swvl and Queen's
Gambit. These statements are subject to a number of risks and
uncertainties regarding Swvl's business and the business
combination, and actual results may differ materially. These risks
and uncertainties include, but are not limited to: general
economic, political and business conditions, including but not
limited to the economic and operational disruptions and other
effects of the COVID-19 pandemic; the inability of the parties to
consummate the business combination or the occurrence of any event,
change or other circumstances that could give rise to the
termination of the business combination agreement; the number of
redemption requests made by Queen's Gambit's shareholders in
connection with the business combination; the outcome of any legal
proceedings that may be instituted against the parties following
the announcement of the business combination; the risk that the
approval of the shareholders of Swvl or Queen's Gambit for the
potential transaction is not obtained; failure to realize the
anticipated benefits of the business combination, including as a
result of a delay in consummating the potential transaction or
additional information that may later arise in connection with
preparation of the registration statement on Form F-4 and proxy
materials, or after the consummation of the business combination as
a result of the limited time SPAC had to conduct due diligence; the
risk that the business combination disrupts current plans and
operations as a result of the announcement and consummation of the
business combination; the ability of the combined company to
execute its growth strategy, manage growth profitably and retain
its key employees; competition with other companies in the mobility
industry; Swvl's limited operating history and lack of experience
as a public company; the lack of, or recent implementation of,
certain policies and procedures to ensure compliance with
applicable laws and regulations, including with respect to
anti-bribery, anti-corruption, and cyber protection; the risk that
Swvl is not able to execute its growth plan, which depends on
rapid, international expansion; the risk that Swvl is unable to
attract and retain consumers and qualified drivers and other high
quality personnel; the risk that Swvl is unable to protect and
enforce its intellectual property rights; the risk that Swvl is
unable to determine rider demand to develop new offerings on its
platform; the difficulty of obtaining required registrations,
licenses, permits or approvals in jurisdictions in which Swvl
currently operates or may in the future operate; the fact that Swvl
currently operates in and intends to expand into jurisdictions that
are, or have been, characterized by political instability, may have
inadequate or limited regulatory and legal frameworks and may have
limited, if any, treaties or other arrangements in place to protect
foreign investment or involvement; the risk that Swvl's drivers
could be classified as employees, workers or quasi-employees in the
jurisdictions they operate; the fact that Swvl has operations in
countries known to experience high levels of corruption and is
subject to territorial anti-corruption laws in these jurisdictions;
the ability of Holdings to obtain or maintain the listing of its
securities on a U.S. national securities exchange following the
business combination; costs related to the business combination;
and other risks that will be detailed from time to time in filings
with the SEC. The foregoing list of risk factors is not exhaustive.
There may be additional risks that Swvl presently does not know or
that Swvl currently believes are immaterial that could also cause
actual results to differ from those contained in forward-looking
statements. In addition, forward-looking statements provide Swvl's
expectations, plans or forecasts of future events and views as of
the date of this communication. Swvl anticipates that subsequent
events and developments will cause Swvl's assessments and
projections to change. However, while Swvl may elect to update
these forward-looking statements in the future, Swvl specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Swvl's assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Participants in the Solicitation
Holdings, Swvl, Queen's Gambit and their respective directors,
executive officers, other members of management, and employees,
under SEC rules, may be deemed participants in the solicitation of
proxies of Queen's Gambit's shareholders in connection with the
business combination. Investors and security holders may obtain
more detailed information regarding the names and interests in the
business combination of the directors and officers of Holdings,
Swvl and Queen's Gambit in the registration statement on Form F-4
to be filed with the SEC by Holdings, which will include the proxy
statement of Queen's Gambit for the business combination.
Information about Queen's Gambit's directors and executive officers
is also available in Queen's Gambit's Annual Form 10-K for the
fiscal year ended December 31, 2020
and other relevant materials filed with the SEC.
No Offer or Solicitation
This news release is for informational purposes only and is not
a "solicitation" as defined in Section 14 of the Securities
Exchange Act of 1934, as amended. This news release is neither an
offer to purchase, nor a solicitation of an offer to sell,
subscribe for or buy any securities or the solicitation of any vote
in any jurisdiction pursuant to the business combination or
otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Media Contact
Daniel Yunger
Kekst CNC
kekst-swvl@kekstcnc.com
917-574-8582
Investor Contact
Youssef
Salem
Swvl CFO
Investor.relations@swvl.com
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SOURCE Swvl Inc.