Egypt’s Swvl to start trading on Nasdaq tomorrow

Egyptian transport start-up Swvl will be listed on the Nasdaq stock exchange tomorrow after shareholders of Queen’s Gambit approved business combination, CEO Youssef Salem said on Wednesday.

Queen’s Gambit, the first special purpose acquisition company led by women, announced in a statement on Wednesday that its shareholders voted at extraordinary general meeting to approve the previously announced business combination with Swvl Inc.

As a result, Queen’s Gambit plans to file the results of its shareholders’ meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the U.S. Securities and Exchange Commission on Wednesday.

Subject to the satisfaction or waiver of the other customary closing conditions, the business combination is expected to close on March 31, 2022, Queen’s Gambit statement added.

Following closing, the combined company will change its name to Swvl Holdings Corp.

“Swvl Holdings Corp’s Class A ordinary shares and Swvl Holding Corp’s warrants are expected to commence trading on NASDAQ under the ticker symbols “GMBT” and “GMBTW”, respectively, for one day on March 31, 2022.” the statement read.

“The next day, on April 1, 2022, Swvl Holdings Corp’s Class A ordinary shares and Swvl Holding Corp’s warrants are expected to commence trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively.”

Swvl, which moved headquarters to Dubai in late 2019, describes itself as the first $1.5 billion unicorn from the Middle East to list on the U.S. exchange.

The company operates buses along fixed routes and allows customers to reserve and pay for them using an app and operates in 10 countries including Egypt, Kenya, and Pakistan.