- Lock-Up Extensions apply to approximately 84% of the total
number of currently outstanding Swvl shares
- Founders, SPAC Sponsor and certain Pre-Business Combination
Investors have extended lockups to 6 months beyond the original
release date (subject to the exceptions therein)
- A total of 31 extension agreements were executed
- Follows the announcement of Swvl's further expansion in
Latin America and its highest
profitability operations TaaS and SaaS with acquisition of
Urbvan
NEW YORK, July 13, 2022 /PRNewswire/ -- /PRNewswire/ --
Swvl Holdings Corp ("Swvl" or the "Company") (NASDAQ: SWVL), a
global provider of transformative tech-enabled mass transit
solutions, today announced that, on July 10,
2022, certain shareholders and directors and/or officers of
the Company, including certain of its pre-business combination
shareholders and key executives and Queen's Gambit Holdings LLC
(collectively, the "Lock-Up Holders"), entered into voluntary
extensions to their respective lock-up agreements.
Previously these shareholders were subject to Lock-Up Agreements
varying from 6 to 12 months after the date of closing of Swvl's
business combination on March 31,
2022 (depending on the applicable Lock-Up Holder's
beneficial ownership of Class A Ordinary Shares and subject to the
exceptions therein). Pursuant to these extensions, certain Lock-Up
Holders have now committed to extend this time period to 12 or 18
months following March 31, 2022
(depending on the applicable Lock-Up Holder's beneficial ownership
of Class A Ordinary Shares and subject to the exceptions
therein).
Collectively, the Lock-Up Holders that agreed to enter into the
Lock-Up Extensions own 100,414,134 Class A Ordinary Shares, which
represents approximately 84% of the total number of Class A
Ordinary Shares outstanding as of the date of this release.
Mostafa Kandil, Swvl Founder
and CEO, said, "Our shareholders share our conviction in Swvl's
future and demonstrated this again through these voluntary lock-up
extensions. We are grateful to them for having shown their support
and long-term commitment through this action."
Youssef Salem, Swvl CFO,
said, "We have always appreciated the long-term commitment of our
stakeholders. The voluntary extension of the lock-up agreements is
testament to the continued support of our shareholders and their
confidence in what we are building."
About Swvl
Swvl is a global provider of transformative tech-enabled mass
transit solutions, offering intercity, intracity, B2B and B2G
transportation across > 135 cities in > 20 countries. The
Company's platform provides complimentary semi-private alternatives
to public transportation for individuals who cannot access or
afford private options. Every day, Swvl's parallel mass transit
systems are empowering individuals to go where they want, when they
want – making mobility safer, more efficient, accessible, and
environmentally friendly. Customers can book their rides on an
easy-to-use proprietary app with varied payment options and 24 / 7
access to high-quality private buses and vans.
Swvl was co-founded by Mostafa
Kandil, who began his career at Rocket Internet, where he
launched the car sales platform Carmudi in the Philippines, which became the largest car
classifieds company in the country in just six months. He then
served as Rocket Internet's Head of Operations. In 2016, Kandil
joined Careem, a ride-sharing company and the first unicorn in the
Middle East. He supported the
platform's expansion into multiple new markets.
For additional information about Swvl, please visit
www.swvl.com.
Forward Looking Statements
Certain statements made herein are not historical facts but are
forward-looking statements. Forward-looking statements generally
are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding future events and other statements that are
not historical facts.
These statements are based on the current expectations of Swvl's
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on,
by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Swvl. These statements are subject to a
number of risks and uncertainties regarding Swvl's business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions and other effects of the COVID-19 pandemic;
the ability of the combined company to execute its growth strategy,
manage growth profitably and retain its key employees; competition
with other companies in the mobility industry; Swvl's limited
operating history and lack of experience as a public company;
recent implementation of certain policies and procedures to ensure
compliance with applicable laws and regulations, including with
respect to anti-bribery, anti-corruption, and cyber protection; the
risk that Swvl is not able to execute its portfolio optimization
plan; the risk that Swvl is unable to attract and retain consumers
and qualified drivers and other high quality personnel; the risk
that Swvl is unable to protect and enforce its intellectual
property rights; the risk that Swvl is unable to determine rider
demand to develop new offerings on its platform; the difficulty of
obtaining required registrations, licenses, permits or approvals in
jurisdictions in which Swvl currently operates or may in the future
operate; the fact that Swvl currently operates in and intends to
expand into jurisdictions that are, or have been, characterized by
political instability, may have inadequate or limited regulatory
and legal frameworks and may have limited, if any, treaties or
other arrangements in place to protect foreign investment or
involvement; the risk that Swvl's drivers could be classified as
employees, workers or quasi-employees in the jurisdictions they
operate; the fact that Swvl has operations in countries known to
experience high levels of corruption and is subject to territorial
anti-corruption laws in these jurisdictions; the ability of Swvl to
maintain the listing of its securities on Nasdaq; Swvl's
acquisitions may not be beneficial to Swvl as a result of the cost
of integrating geographically disparate operations and the
diversion of management's attention from its existing business,
among other things; and other risks that will be detailed from time
to time in filings with the U.S. Securities and Exchange
Commission. The foregoing list of risk factors is not exhaustive.
There may be additional risks that Swvl presently does not know or
that Swvl currently believes are immaterial that could also cause
actual results to differ from those contained in forward-looking
statements. In addition, forward-looking statements provide Swvl's
expectations, plans or forecasts of future events and views as of
the date of this communication. Swvl anticipates that subsequent
events and developments will cause Swvl's assessments and
projections to change. However, while Swvl may elect to update
these forward-looking statements in the future, Swvl specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Swvl's assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
