Dubai’s Swvl to list on Nasdaq via merger deal with Queen’s Gambit

Dubai’s Swvl to list on Nasdaq via merger deal with Queen’s Gambit

Swvl, a Dubai-based transport technology startup, and Nasdaq-listed Queen's Gambit Growth Capital have entered into a definitive agreement for a business combination, which will result in Swvl being listed on Nasdaq. Following the completion of the transaction, the combined public company will be named Swvl Holdings Corp and is expected to be listed on Nasdaq under the ticker symbol 'SWVL', according to a recent press release. Co-founded by Mostafa Kandil in 2017, Swvl will be the first $1.5 billion unicorn in the Middle East to list on Nasdaq and the only tech-enabled mass transit solutions company to list on the US stock exchange. The public shareholders of Queen's Gambit, the first special purpose acquisition company led by women, will have minimal redemptions, with existing Swvl shareholders expected to hold around 65% of the combined company. Kandil will continue as CEO of the combined company to supervise its growth initiatives and expansion. The transaction is forecast to generate gross proceeds of up to around $445 million, which will be used to fund and accelerate the Dubai-based startup's growth plan. The transaction would close in the fourth quarter (Q4) of 2021, subject to customary closing conditions, including the approval of Queen's Gambit