Queen’s Gambit (NASDAQ:GMBT) announced its redemption results in connection with its business combination with mobility tech firm Swvl ahead of its shareholder vote tomorrow.
The SPAC saw 29,227,806 shares redeemed, or approximately 84.72%, for a pro rata portion of the funds in the trust account, but the shareholders have until 3:00 p.m. EST tomorrow, March 30, to withdraw their election. If a sufficient amount of shareholders do not withdraw their redemptions, then Swvl has agreed to waive the minimum cash condition of $185 million in order to proceed with the consummation of the deal.
However, it appears GMBT is close to meeting that minimum condition since there should be approximately $174 million of cash available based on today’s announced redemptions levels. Nonetheless, the results will not be final until after the meeting concludes tomorrow.
The SPAC recently added $21.5 million to the PIPE, just one day after terminating a previous forward-purchase agreement (FPA). The deal has a total PIPE of $121.5 million and includes commitments from the European Bank for Reconstruction and Development (EBRD), Agility, Luxor Capital Group, Chimera, and Zain.
The parties initially announced their $1.1 billion combination on July 28, 2021. Dubai-based Swvl operates a shared ride-hailing service using minibuses as an urban transport solution as well as a B2B service.
ADVISORS
- Barclays is serving as an M&A and capital markets financial advisor to Swvl and as a placement agent to Queen’s Gambit in connection with the PIPE investment.
- Guggenheim Securities, LLC is serving as an M&A advisor to Queen’s Gambit in connection with the transaction, and also as a placement agent in connection with the PIPE investment.
- Cravath, Swaine & Moore LLP, Slaughter and May and Maples are serving as legal advisors to Swvl.
- Vinson & Elkins L.L.P. and Walkers are serving as legal advisors to Queen’s Gambit.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...
Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot Embark Director Elaine Chao, Others Sued Over SPAC...
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...