The SPAC announced its redemption results in a press release yesterday stating that 29,227,806 shares were 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. today 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 yesterday’s announced redemptions levels.
Nonetheless, Queen’s Gambit expects to close the combination tomorrow, March 31, 2022. Following closing, the combined company will change its name to “Swvl Holdings Corp.” and its shares and warrants are expected to commence trading on NASDAQ on Friday, April 1, under the ticker symbols “SWVL” and “SWVLW”, respectively.
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.
- 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.