UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 3 30, 2022

QUEEN’S GAMBIT GROWTH CAPITAL

(Exact name of registrant as specified in its charter)


Cayman Islands	001-39908	98-1571453
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

55 Hudson Yards, 44th FloorNew York, NY		10001
55 Hudson Yards, 44th Floor
New York, NY		10001
(Address of principal executive offices)		(Zip Code)

(917) 907-4618

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒☐ Written ~~communication~~communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A Ordinary Share, $0.0001 par value, and one-third of one redeemable warrant	GMBTU	Nasdaq Capital Market
Class A Ordinary Shares included as part of the units	GMBT	Nasdaq Capital Market
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50	GMBTW	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 15.0107. ~~Entry~~Submission ~~into~~of Matters to a ~~Material~~Vote ~~Definitive~~of ~~Agreement~~Security Holders.

AsOn ~~previously announced, on July~~March 2830, ~~2021~~2022, Queen’s Gambit Growth Capital, a Cayman Islands exempted company with limited liability (~~“SPAC”), Swvl Inc., a British Virgin Islands business company limited by shares incorporated under~~ the ~~laws of the British Virgin Islands (~~“~~Swvl~~Company”), ~~Pivotal~~convened ~~Holdings~~an ~~Corp,~~extraordinary ageneral ~~British~~meeting ~~Virgin Islands business company limited by shares incorporated under the laws~~ of ~~the~~shareholders ~~British Virgin Islands and wholly owned subsidiary of Swvl~~ (~~“Holdings”),~~the ~~Pivotal Merger Sub Company I, a Cayman Islands exempted company with limited liability and wholly owned subsidiary of Holdings (~~“~~Cayman~~Shareholders’ ~~Merger Sub~~Meeting”),. ~~and~~At ~~Pivotal~~the ~~Merger~~Shareholders’ ~~Sub Company II Limited~~Meeting, athe ~~British~~Company’s ~~Virgin~~shareholders ~~Islands~~voted ~~business~~on ~~company limited by shares incorporated under~~ the ~~laws~~proposals ofset ~~the~~forth ~~British~~below, ~~Virgin~~each ~~Islands and wholly owned subsidiary~~ of ~~SPAC~~which ~~(“BVI~~is ~~Merger~~described ~~Sub”),~~in ~~entered~~greater ~~into~~detail ain ~~business combination agreement (~~the ~~“Business~~final ~~Combination~~proxy ~~Agreement”).~~statement ~~Subject~~filed toby the ~~satisfaction~~Company orwith ~~waiver of~~ the ~~conditions~~U.S. toSecurities ~~closing~~and ofExchange ~~the~~Commission ~~transactions~~on ~~contemplated by the Business Combination Agreement (the “Proposed Transactions”)~~March 15, ~~the Proposed Transactions will effect a business combination between SPAC and Swvl~~2022.

OnThere ~~March 3,~~were ~~2022~~43, ~~SPAC~~125,000 ~~Swvl,~~ordinary ~~Holdings,~~shares ~~Cayman~~issued ~~Merger Sub~~ and ~~BVI~~outstanding ~~Merger~~at ~~Sub~~the ~~entered~~close ~~into~~of ~~the~~business ~~Second~~on ~~Amendment~~March 9, to2022, the ~~Business~~record ~~Combination~~date ~~Agreement~~ (the “~~Second~~Record ~~Amendment~~Date”) for the Shareholders’ Meeting. At the Shareholders’ Meeting, ~~pursuant~~there towere ~~which~~32,617,092 ~~subject~~shares topresent ~~the~~either ~~terms~~by ~~and~~proxy ~~conditions~~or ~~therein~~online, ~~the~~representing ~~parties~~approximately ~~thereto~~75.63% ~~extended~~of the ~~Outside~~total ~~Date~~outstanding ~~(as~~shares ~~defined~~of in the ~~Business~~Company’s ~~Combination~~ordinary ~~Agreement)~~shares toas ~~May 31,~~of ~~2022~~the Record Date.

~~The~~A ~~foregoing~~summary ~~description~~ of the ~~Second~~voting ~~Amendment~~results isfor ~~qualified~~each inproposal ~~its entirety by reference to the full text of the Second Amendment, a copy of which~~ is ~~included~~set asforth ~~Exhibit 2~~below.~~2 to this Current Report on Form 8-K, and incorporated herein by reference.~~

Proposal No. 1 - The SPAC Merger Proposal

The merger of the Company with and into Pivotal Merger Sub Company I, a Cayman Islands exempted company with limited liability and wholly owned subsidiary of Holdings (as defined below) (“Cayman Merger Sub”), with Cayman Merger Sub surviving the merger (the “SPAC Merger”), at the date and time at which the SPAC Merger becomes effective (the “SPAC Merger Effective Time”) and the plan of merger in compliance with the Cayman Islands Companies Act (As Revised) (the “Cayman Plan of Merger”) and all other transactions contemplated by the Business Combination Agreement, dated as of July 28, 2021 (as amended, the “Business Combination Agreement”), by and among the Company, Swvl Inc., a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands (“Swvl”), Pivotal Holdings Corp, a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands and, prior to the SPAC Merger Effective Time, a wholly owned subsidiary of Swvl (“Holdings”), Cayman Merger Sub and Pivotal Merger Sub Company II Limited, a British Virgin Islands business company limited by shares incorporated under the laws of the British Virgin Islands and wholly owned subsidiary of the Company (“BVI Merger Sub”), occurring in connection with the SPAC Merger prior to the date of the Company Merger (as defined below) (the “Closing Date”), including the adoption of the Amended and Restated Memorandum and Articles of Association of Holdings to be in effect at the SPAC Merger Effective Time and the appointments in respect of the board of directors of Holdings (the “Holdings Board”) following the SPAC Merger Effective Time, and the Business Combination Agreement were approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
31,963,658	549,943	103,491

Proposal No. 2 - The Company Merger Proposal

The merger of BVI Merger Sub with and into Swvl, with Swvl surviving the merger as a wholly owned subsidiary of Holdings (the “Company Merger”), on the Closing Date (which shall be at least one business day after the date of the SPAC Merger Effective Time) at the date and time at which the Company Merger becomes effective (the “Company Merger Effective Time”) and to confirm, ratify, and approve in all respects all other transactions contemplated by the Business Combination Agreement occurring on or after the Closing Date, including the appointment of the Holdings Board following the Company Merger Effective Time and the adoption of the Second Amended and Restated Memorandum and Articles of Association of Holdings (the “Holdings Public Company Articles”) to be in effect at the Company Merger Effective Time were approved. The voting results were as follows:


Votes For	Votes Against	Abstentions
31,963,659	549,942	103,491

Proposal No. 3 - The Advisory Organizational Documents Proposals

The shareholders approved, on a non-binding advisory basis, by ordinary resolution the following governance provisions in the Holdings Public Company Articles, which were presented separately in accordance with SEC guidance to give shareholders the opportunity to present their separate views on important corporate governance provisions:

Proposal No. 3A - The Authorized Shares Proposal

A provision of the Holdings Public Company Articles to change the authorized share capital from the existing (a) 500,000,000 Class A ordinary shares, par value $0.0001 per share (b) 50,000,000 Class B ordinary shares, par value $0.0001 per share (c) 5,000,000 preference shares, par value $0.0001 per share, of the Company to an authorized share capital consisting of (a) 500,000,000 Class A ordinary shares, par value $0.0001 per share (“Holdings Common Shares A”) and (b) 55,000,000 preferred shares, par value $0.0001 per share, of Holdings was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
28,101,586	3,339,119	1,176,387

Proposal No. 3B - The Voting Power Proposal

A provision of the Holdings Public Company Articles that will provide for one vote for each Holdings Common Share A held on all matters to be voted on by shareholders was approved and adopted on a non-binding advisory basis. The voting results were as follows:


Votes For	Votes Against	Abstentions
30,391,288	1,049,847	1,175,957

Proposal No. 3C - The Ability to Bring Matters for Discussion Before a General Meeting Proposal

A provision of the Holdings Public Company Articles that will provide that a notice of a general meeting of shareholders must include items for which a written request has been given (no later than the close of business on the 120th day nor earlier than the close of business on the 150th day prior to the one-year anniversary of the preceding year’s annual general meeting) by one or more shareholders representing 30% or more of Holdings issued shares was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
30,392,289	1,049,847	1,174,956

Proposal No. 3D - The Number of Directors Proposal

A provision of the Holdings Public Company Articles that will limit the number of directors to nine, provided however that Holdings may, by resolution of its directors, increase or reduce the number of directors was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
29,852,961	1,588,051	1,176,080

Proposal No. 3E - The Election and Removal of Directors Proposal

A provision of the Holdings Public Company Articles pursuant to which: (i) any person properly nominated for election as a director may be appointed to the Holdings Board by a majority vote of the shareholders at a general meeting, (ii) in the interim between general meetings, the Holdings Board may, by resolution of directors, act to appoint any person to be a director, (iii) Holdings may only remove a director with cause and pursuant to a resolution passed by at least two-thirds of directors and (iv) Holdings shareholders may not act to remove directors, was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
28,148,622	3,293,514	1,174,956

Proposal No. 3F - The Action by Written Consent of Shareholders Proposal

A provision of the Holdings Public Company Articles that will prohibit Holdings shareholders from taking any action by written consent was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
27,608,835	3,832,328	1,175,929

Proposal No. 3G - The Amendment to Governing Documents Proposal

A provision of the Holdings Public Company Articles that will require a resolution passed by a majority of not less than seventy five (75) per cent of the votes of all those entitled to vote in order to adopt any future amendment to the Holdings Public Company Articles, regardless of how many votes are actually cast. Alternatively, the Holdings Public Company Articles may be amended by a resolution of directors was approved and adopted. The voting results were as follows:


Votes For	Votes Against	Abstentions
27,609,502	3,831,734	1,175,856

As there were sufficient votes to approve the above proposals, the “Adjournment Proposal” described in the Company’s final proxy statement was not presented to shareholders.

Item 8.01

Other Events

Shareholders holding 29,227,806 Class A Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account (the “Trust Account”). As a result, unless any such redemption requests are withdrawn prior to 3:00 p.m. Eastern Time, on March 30, 2022, approximately $292,372,126.45 (or approximately $10.00 per share) will be removed from the Trust Account to pay such holders.

On March 30, 2022, a press release was issued announcing the results of the Shareholders’ Meeting. A copy of the press release is filed as Exhibit 99.1 hereto.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNo.		Exhibit
Exhibit No.		Exhibit
2.1*		Business Combination Agreement, dated as of July 28, 2021, by and among SPAC, Cayman Merger Sub, BVI Merger Sub, the Company and Holdings (incorporated by reference to Exhibit 2.1 of the SPAC’s Current Report on Form 8-K filed with the SEC on July 28, 2021 (File No. 001-39908).
99.1		Press release dated March 30, 2022
2.2		Second Amendment to the Business Combination Agreement by and among SPAC, Swvl, Holdings, Cayman Merger Sub and BVI Merger Sub, dated March 3, 2022.
104		Cover Page Interactive Data File (embedded within Inline XBRL document)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* All schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

Legends

Additional Information and Where to Find It

This communication relates to the Proposed Transactions. This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the Proposed Transactions, SPAC and Holdings filed a registration statement on Form F-4 (File No. 333-259800) (as amended, the “Registration Statement”) with the SEC, which includes a joint proxy statement/prospectus. SPAC and Holdings also will file other documents regarding the Proposed Transactions with the SEC. Before making any voting decision, investors and security holders of SPAC are urged to read the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Proposed Transactions as they become available because they will contain important information about the Proposed Transactions.

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, ALL AMENDMENTS THERETO, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION AND THE PARTIES TO THE BUSINESS COMBINATION. Investors and security holders can obtain copies of these documents and other documents filed with the SEC free of charge at www.sec.gov. The definitive proxy statement/final prospectus (if and when available) will be mailed to shareholders of SPAC as of a record date to be established for voting on the business combination. Shareholders of SPAC will also be able to obtain copies of the definitive proxy statement/final prospectus without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Queen’s Gambit Growth Capital, 55 Hudson Yards, 44th Floor, New York, New York, 10001.

Participants in Solicitation

SPAC, Swvl and Holdings and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SPAC’s shareholders in connection with the Proposed Transactions. Investors and security holders may obtain more detailed information regarding the names and interests in the business combination of the directors and officers of Holdings, Swvl and SPAC in the Registration Statement. Information about SPAC’s directors and executive officers is also available in SPAC’s Annual Form 10-K for the fiscal year ended December 31, 2020 and other relevant materials filed with the SEC. You may obtain a free copy of these documents as described in the preceding paragraph.

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, the proposed business combination between Swvl and SPAC, the estimated or anticipated future results and benefits of the combined company following the business combination, including the likelihood and ability of the parties to successfully consummate the business combination, future opportunities for the combined company and other statements that are not historical facts.

These statements are based on the current expectations of Swvl and/or SPAC’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 and SPAC. These statements are subject to a number of risks and uncertainties regarding Swvl’s business and the business combination, 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 inability of the parties to consummate the business combination or the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the number of redemption requests made by SPAC’s shareholders in connection with the business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the business combination; the risk that the approval of the shareholders of Swvl or SPAC for the potential transaction is not obtained; failure to realize the anticipated benefits of the business combination, including as a result of a delay in consummating the potential transaction or additional information that may later arise in connection with preparation of the Registration Statement and proxy materials, or after the consummation of the business combination as a result of the limited time SPAC had to conduct due diligence; the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; 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; the 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 growth plan, which depends on rapid, international expansion; 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 Holdings to obtain or maintain the listing of its securities on a U.S. national securities exchange following the business combination; costs related to the business combination; Swvl’s acquisitions of Shotl and Viapool 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 SEC. 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.

No Offer or Solicitation

This Current Report on Form 8-K is for informational purposes only and is not a “solicitation” as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This Current Report on Form 8-K is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the business combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 830, 2022


QUEEN’S GAMBIT GROWTH CAPITAL

By:		/s/ Victoria Grace
Name:		Victoria Grace
Title:		Chief Executive Officer

Filing Compare · Queen's Gambit Growth Capital