Queen’s Gambit (NASDAQ:GMBT) announced its redemption results in connection with its business combination with mobility tech firm Swvl ahead of its shareholder vote tomorrow.
The SPAC saw 29,227,806 shares redeemed, or approximately 84.72%, for a pro rata portion of the funds in the trust account, but the shareholders have until 3:00 p.m. EST tomorrow, March 30, to withdraw their election. If a sufficient amount of shareholders do not withdraw their redemptions, then Swvl has agreed to waive the minimum cash condition of $185 million in order to proceed with the consummation of the deal.
However, it appears GMBT is close to meeting that minimum condition since there should be approximately $174 million of cash available based on today’s announced redemptions levels. Nonetheless, the results will not be final until after the meeting concludes tomorrow.
The SPAC recently added $21.5 million to the PIPE, just one day after terminating a previous forward-purchase agreement (FPA). The deal has a total PIPE of $121.5 million and includes commitments from the European Bank for Reconstruction and Development (EBRD), Agility, Luxor Capital Group, Chimera, and Zain.
The parties initially announced their $1.1 billion combination on July 28, 2021. Dubai-based Swvl operates a shared ride-hailing service using minibuses as an urban transport solution as well as a B2B service.
ADVISORS
- Barclays is serving as an M&A and capital markets financial advisor to Swvl and as a placement agent to Queen’s Gambit in connection with the PIPE investment.
- Guggenheim Securities, LLC is serving as an M&A advisor to Queen’s Gambit in connection with the transaction, and also as a placement agent in connection with the PIPE investment.
- Cravath, Swaine & Moore LLP, Slaughter and May and Maples are serving as legal advisors to Swvl.
- Vinson & Elkins L.L.P. and Walkers are serving as legal advisors to Queen’s Gambit.
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