Swvl’s Founders, SPAC Sponsor, and Certain Pre-Business Combination Investors Voluntarily Extend Lock-Up Reinforcing Long-Term Commitment

Key Highlights:

• 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 the acquisition of Urbvan.

Details:

NEW YORK, July 13, 2022 /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.

Executive Comments:

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.

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Contact:
Youssef Salem
Swvl CFO
Investor.relations@swvl.com