Queen’s Gambit Growth Capital (NASDAQ:GMBT) announced this afternoon that it has terminated its forward purchase agreement (FPA) and subscription agreement in connection to its business combination with mobility tech firm Swvl.
The SPAC and the seller, ACM ARRT VII B, LLC, agreed to terminate the FPA to purchase up to 10 million SPAC shares. Additionally, Queen’s Gambit, Swvl, Pivotal Holdings and ACM AART VII B, LLC agreed to terminate the subscription agreement to purchase 200,000 newly issued Common Shares A for a purchase price of $10.00 per share and an aggregate purchase price of $2,000,000.
However, Queen’s Gambit still has approximately $10.5 million through subscription agreements with two additional PIPE investors, including the European Bank for Reconstruction and Development. Nonetheless, there is a $185 minimum cash closing condition so it remains to be seen if any additional financing is in this SPAC’s future.
The SPAC has not yet announced a shareholder vote date, but a new preliminary F-4 was filed this afternoon.
Queen’s Gambit initially announced its $1.1 billion combination with Swvl on July 28. Dubai-based Swvl operates a shared ride-hailing service using minibuses as an urban transport solution as well as a B2B service.