Special purpose acquisition company Queen’s Gambit Growth Capital (Nasdaq: GMBT) announced on Wednesday that it has secured its shareholders’ approval of the proposed business combination with mass transit platform Swvl Inc. The transaction is expected to close today, subject to customary closing conditions.
With 75.63% of shareholders on record, around 98.00% voted for the proposed merger.
The combined company plans to change its name to Swvl Holdings Corp. and trade on the Nasdaq under the symbol “GMBT” and “GMBTW” on March 31. The following day, the merger will start trading under “SWVL” and “SWVLW” for its shares and warrants, respectively.
Around 67.77% of shareholders on record elected to redeem their shares, potentially costing the merger about US$292.4 million.
The blank check firm closed its US$275 million IPO in January 2021. According to its prospectus, it intended to pursue a business combination with firms that provide solutions promoting sustainable development, economic growth, and prosperity.
Queen’s Gambit Growth Capital last traded at US$9.86 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.