Mass transit solutions provider Swvl and Nasdaq-listed Queen's Gambit, a special purpose acquisition firm, plan to enter into a definitive business combination agreement that will Turning Swvl into a public joint stock company, worth up to $1.5 billion.
And in an official statement - announced by "Swvl" last week - it was stated that upon completion of the proposed transaction;
The publicly traded company will be called Swvl Holdings Corp, and it is expected to be listed on the Nasdaq.
According to the statement, the value of implied and fully diluted equity is approximately $1.5 billion, and Swvl is expected to become the first company in the Middle East worth over $1 billion to be listed on the Nasdaq stock exchange.
Swvl had secured $42 million in financing before the end of 2019 in a second financing round, and before moving its head office from Cairo to Dubai.
Mostafa Kandil co-founded “Swvl” in 2017, which is an emerging company that operates primarily in the Middle East and Africa, and provides a ride-sharing service on mass transportation, and provides technologies and benefits that help make the customer experience more comfortable and safe. The company also targets the category of users who face Difficulty in obtaining easy and inexpensive transportation on a daily basis, and generally plans to expand not only in Europe;
But in Latin America, too.
Mustafa Kandil..a 28-year-old Arab young man..He managed to build a company from Dubai worth more than one and a half billion dollars. It was listed today on the Nasdaq Stock Exchange..SWVL for smart solutions for mass transportation, which operates in many countries.. Congratulations, Mustafa. Dubai will remain a platform for all Arab youth who aspire to globality
— HH Sheikh Mohammed (@HHShkMohd) July 28, 2021
Mohammed bin Rashid - Ruler of Dubai - commented on Mustafa Kandil - founder of the "Swvl" company for smart mass transit services - listing it on the Nasdaq Stock Exchange, saying, "Mustafa Kandil is a 28-year-old Arab youth who was able to build a company from Dubai worth more than one and a half billion dollars. dollars, it is listed on the NASDAQ Stock Exchange today.
And he continued - through his official account on Twitter - "Swvl Smart Solutions for Mass Transportation that operates in many countries.. Congratulations, Mustafa.. Dubai will remain a platform for all Arab youth who aspire to globalization."
The acquisition company, Queens Gambit, raised $300 million last January, and the company - which was inspired by the inaugural chess game - aims to invest in companies focused on sustainable development goals in the areas of clean energy, healthcare, Mobility, industry.