August 11, 2021 – Zug, Switzerland
Concordium, a number one blockchain applied sciences firm, and Swvl, Inc. (“Swvl”), a Dubai-based supplier of mass transit and shared mobility options, immediately introduced a strategic partnership to for the primary time use blockchain applied sciences to develop transformative next-generation mass transit techniques.
Swvl is a world tech start-up primarily based in Dubai, with an implied totally diluted fairness worth of roughly $1.5 billion, offering a semi-private different to public transportation for people who can’t afford or entry non-public choices. On July 28, 2021, Swvl introduced entry right into a definitive settlement for a enterprise mixture with Queen’s Gambit Growth Capital (“Queen’s Gambit”) (NASDAQ: GMBT), the primary particular objective acquisition firm led by girls.
Swvl makes mobility safer, extra environment friendly and extra environmentally-friendly, whereas making certain that it’s accessible and reasonably priced for everybody. Customers e-book rides on an easy-to-use app with diversified fee choices and entry high-quality non-public buses and vans that function in line with mounted and semi-fixed routes, stations, instances and costs.
Concordium will present a blockchain-based know-how platform that goals to improve the mass transit journey expertise for Swvl’s prospects. The platform is meant to assist remedy the highly-complex logistical challenges inherent in mass transit, whereas advancing Swvl’s efforts at decarbonization and sensible inexperienced mobility.
Concordium’s platform is meant to, amongst different issues, present these key advantages.
- Natural ebbs and flows in prospects’ journey wants may be traced sooner and extra precisely, and fed into evolving journey routes by means of Swvl’s dynamic routing capabilities, making journeys sooner and cheaper.
- The know-how permits for the creation of interactive relationships between Swvl and its prospects with enhanced driver monitoring and efficiency monitoring, in addition to elevated effectivity and high quality of service making journeys with Swvl even safer and extra dependable.
- Driver remuneration will also be higher linked to efficiency, incentivizing drivers to supply the absolute best service.
Lone Fonss Schroder, Concordium’s chief govt, stated,
“Mass transit systems are inherently flawed, with inefficiencies that create significant barriers and cause daily commuting to be a struggle. Combining Concordium’s differentiated blockchain technology with Swvl’s cutting-edge mobility platform provides a seamless commuting experience that will change mass transit on a global scale.”
Mostafa Kandil, Swvl founder and CEO, stated,
“Swvl set out to create the mass transit system of the future, for the cities of the future. Our partnership with Concordium will improve the real-time capabilities of our offerings. We will be even better positioned to capitalize on fast-changing customer demands, resulting in quicker and more flexible commuting experiences.”
Concordium is a public and sustainable proof-of-stake-blockchain with a singular id layer on the protocol stage. Concordium differs from different individuals by providing beforehand unseen ensures of transparency and regulation with out compromising privateness by introducing built-in id administration on the protocol stage and zero-knowledge proofs, that are used to exchange anonymity with excellent privateness.
Swvl has constructed a parallel mass transit system providing intercity, intracity, B2B and B2G transportation in 10 megacities throughout Africa, Asia and the Middle East. Following the closing of its enterprise mixture with Queen’s Gambit, which is anticipated to happen within the fourth calendar quarter of 2021, Swvl will develop into the primary $1 billion unicorn from the Middle East to record on Nasdaq and the one tech-enabled mass transit options firm to record on any trade.
The transaction is anticipated to speed up its long-term development technique and enlargement into 20 international locations throughout 5 continents by 2025.
In reference to the enterprise mixture, Pivotal Holdings Corp (“Holdings”) intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration assertion on Form F-4, which can embody a preliminary prospectus and preliminary proxy assertion, and after the registration assertion is asserted efficient, Queen’s Gambit will mail a definitive proxy assertion/prospectus and different related paperwork regarding the enterprise mixture to its shareholders. This communication will not be a substitute for the registration assertion, the definitive proxy assertion/prospectus or every other doc that Queen’s Gambit will ship to its shareholders in reference to the enterprise mixture.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES TO THE BUSINESS COMBINATION. Investors and safety holders will be capable to get hold of copies of those paperwork (if and when out there) and different paperwork filed with the SEC freed from cost at www.sec.gov. The definitive proxy assertion/last prospectus (if and when out there) will probably be mailed to shareholders of Queen’s Gambit as of a file date to be established for voting on the enterprise mixture. Shareholders of Queen’s Gambit will even be capable to get hold of copies of the proxy assertion/prospectus with out cost, as soon as out there, on the SEC’s web site at www.sec.gov or by directing a request to: Queen’s Gambit Growth Capital, 55 Hudson Yards, forty fourth Floor, New York, New York 10001.
Certain statements made herein will not be historic info however are forward-looking statements. Forward-looking statements usually are accompanied by phrases equivalent to “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and comparable expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. These forward-looking statements embody, however will not be restricted to, statements concerning future occasions, the proposed enterprise mixture between Swvl and Queen’s Gambit, the estimated or anticipated future outcomes and advantages of the mixed firm following the enterprise mixture, together with the chance and skill of the events to efficiently consummate the enterprise mixture, future alternatives for the mixed firm and different statements that aren’t historic info.
These statements are primarily based on the present expectations of Swvl and/or Queen’s Gambit’s administration and will not be predictions of precise efficiency. These forward-looking statements are offered for illustrative functions solely and will not be supposed to function, and should not be relied on, by any investor as a assure, an assurance, a prediction or a definitive assertion of truth or likelihood. Actual occasions and circumstances are troublesome or unattainable to foretell and will differ from assumptions. Many precise occasions and circumstances are past the management of Swvl and Queen’s Gambit. These statements are topic to quite a few dangers and uncertainties concerning Swvl’s enterprise and the enterprise mixture, and precise outcomes could differ materially. These dangers and uncertainties embody, however will not be restricted to: common financial, political and enterprise circumstances, together with however not restricted to the financial and operational disruptions and different results of the COVID-19 pandemic; the lack of the events to consummate the enterprise mixture or the prevalence of any occasion, change or different circumstances that might give rise to the termination of the enterprise mixture settlement; the variety of redemption requests made by Queen’s Gambit’s shareholders in reference to the enterprise mixture; the result of any authorized proceedings which may be instituted towards the events following the announcement of the enterprise mixture; the danger that the approval of the shareholders of Swvl or Queen’s Gambit for the potential transaction will not be obtained; failure to understand the anticipated advantages of the enterprise mixture, together with on account of a delay in consummating the potential transaction or further data which will later come up in reference to preparation of the registration assertion on Form F-4 and proxy supplies, or after the consummation of the enterprise mixture on account of the restricted time SPAC needed to conduct due diligence; the danger that the enterprise mixture disrupts present plans and operations on account of the announcement and consummation of the enterprise mixture; the power of the mixed firm to execute its development technique, handle development profitably and retain its key staff; competitors with different firms within the mobility business; Swvl’s restricted working historical past and lack of expertise as a public firm; the dearth of, or current implementation of, sure insurance policies and procedures to make sure compliance with relevant legal guidelines and rules, together with with respect to anti-bribery, anti-corruption, and cyber safety; the danger that Swvl will not be in a position to execute its development plan, which is determined by speedy, worldwide enlargement; the danger that Swvl is unable to draw and retain customers and certified drivers and different top quality personnel; the danger that Swvl is unable to guard and implement its mental property rights; the danger that Swvl is unable to find out rider demand to develop new choices on its platform; the issue of acquiring required registrations, licenses, permits or approvals in jurisdictions through which Swvl at the moment operates or could sooner or later function; the truth that Swvl at the moment operates in and intends to increase into jurisdictions which might be, or have been, characterised by political instability, could have insufficient or restricted regulatory and authorized frameworks and could have restricted, if any, treaties or different preparations in place to guard overseas funding or involvement; the danger that Swvl’s drivers could possibly be categorised as staff, staff or quasi-employees within the jurisdictions they function; the truth that Swvl has operations in international locations identified to expertise excessive ranges of corruption and is topic to territorial anti-corruption legal guidelines in these jurisdictions; the power of Holdings to acquire or preserve the itemizing of its securities on a U.S. nationwide securities trade following the enterprise mixture; prices associated to the enterprise mixture; and different dangers that will probably be detailed occasionally in filings with the SEC. The foregoing record of threat elements will not be exhaustive. There could also be further dangers that Swvl presently doesn’t know or that Swvl at the moment believes are immaterial that might additionally trigger precise outcomes to vary from these contained in forward-looking statements. In addition, forward-looking statements present Swvl’s expectations, plans or forecasts of future occasions and views as of the date of this communication. Swvl anticipates that subsequent occasions and developments will trigger Swvl’s assessments and projections to alter. However, whereas Swvl could elect to replace these forward-looking statements sooner or later, Swvl particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Swvl’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.
Participants within the solicitation
Holdings, Swvl, Queen’s Gambit and their respective administrators, govt officers, different members of administration, and staff, beneath SEC guidelines, could also be deemed individuals within the solicitation of proxies of Queen’s Gambit’s shareholders in reference to the enterprise mixture. Investors and safety holders could get hold of extra detailed data concerning the names and pursuits within the enterprise mixture of the administrators and officers of Holdings, Swvl and Queen’s Gambit within the registration assertion on Form F-4 to be filed with the SEC by Holdings, which can embody the proxy assertion of Queen’s Gambit for the enterprise mixture. Information about Queen’s Gambit’s administrators and govt officers can also be out there in Queen’s Gambit’s Annual Form 10-Okay for the fiscal 12 months ended December 31, 2020 and different related supplies filed with the SEC.
No supply or solicitation
This information launch is for informational functions solely and will not be a “solicitation” as outlined in Section 14 of the Securities Exchange Act of 1934, as amended. This information launch is neither a proposal to buy, nor a solicitation of a proposal to promote, subscribe for or purchase any securities or the solicitation of any vote in any jurisdiction pursuant to the enterprise mixture or in any other case, nor shall there be any sale, issuance or switch of securities in any jurisdiction in contravention of relevant legislation. No supply of securities shall be made besides via a prospectus assembly the necessities of Section 10 of the Securities Act of 1933, as amended.
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