Ryde Discloses Receipt of Notice from NYSE American

Rhea-AI Summary

Ryde Group Ltd (NYSE:RYDE) has received a notice of non-compliance from NYSE American on May 21, 2025, due to failing to meet continued listing standards. The company reported stockholders' equity of US$2.8 million, below the required US$4.0 million threshold, and has reported net losses in three of its four most recent fiscal years through December 31, 2024. Ryde must submit a compliance plan by June 20, 2025, demonstrating how it will regain compliance by November 21, 2026. If the plan is not submitted, accepted, or if progress isn't maintained, RYDE could face delisting. The company's Class A shares will continue trading under "RYDE" while working to meet listing requirements.

Positive

• Company continues to trade on NYSE American while addressing compliance issues
• Company has until June 20, 2025 to submit a compliance plan
• Extended timeline until November 21, 2026 to regain full compliance

Negative

• Stockholders' equity of US$2.8M falls below NYSE American's US$4.0M requirement
• Reported net losses in 3 of 4 most recent fiscal years
• Risk of potential delisting if compliance plan is not accepted or executed successfully

Insights

Financial Regulatory Expert

Ryde faces NYSE American delisting risk due to insufficient stockholders' equity and recurring losses, must submit compliance plan by June 20.

Ryde Group has received a non-compliance notice from NYSE American regarding its continued listing status, specifically failing to meet the requirements under Section 1003(a)(ii) of the NYSE American Company Guide. The company reported stockholders' equity of only $2.8 million, well below the $4 million minimum requirement. This deficiency, combined with net losses in three of its four most recent fiscal years, has triggered regulatory intervention.

The company now faces a critical deadline of June 20, 2025, to submit a compliance plan demonstrating how it intends to address these deficiencies by November 21, 2026. If Ryde fails to submit an acceptable plan or doesn't make consistent progress toward compliance, it risks delisting proceedings.

While Ryde's shares continue trading under the "RYDE" symbol during this remediation period, this notice signals significant financial challenges. The 30% equity shortfall (having $2.8 million versus the required $4 million) indicates underlying balance sheet weakness. The recurring losses pattern suggests structural profitability issues that will require substantial operational improvements or capital infusion to resolve.

This development places Ryde under enhanced scrutiny with quarterly monitoring by NYSE American. Though management states this notice doesn't affect business operations or liquidity, continued listing challenges typically create investor uncertainty and may complicate future capital raising efforts necessary to strengthen the company's financial position.

SINGAPORE, SG / ACCESS Newswire / May 28, 2025 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde" or the "Company"), a leading technology platform for mobility and quick commerce headquartered in Singapore, announced that it received notice from the NYSE American LLC ("NYSE American") on May 21, 2025 that the Company was not in compliance with the continued listing standards set forth in Sections 1003(a)(ii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(ii) applies if a listed company has stockholders' equity of less than US$4.0 million and has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years. The Company reported stockholders' surplus of approximately US$2.8 million (S$3.9 million) as of December 31, 2024, and has reported net losses in three of its four most recent fiscal years ended December 31, 2024. The Company is also not currently eligible for any exemption in Section 1003(a) of the Company Guide from the stockholders' equity requirements. As a result, the Company has become subject to the procedures and requirements of Section 1009 of the Company Guide and must submit a plan to NYSE American by June 20, 2025 addressing how the Company intends to regain compliance with Section 1003(a)(ii) of the Company Guide by November 21, 2026.

The Company intends to timely deliver a plan of compliance to NYSE American. If the Company does not submit a plan, or if the plan the Company submits is not accepted by NYSE American, the Company will be subject to delisting proceedings as specified in the Company Guide. In addition, if the plan is accepted by NYSE American, but the Company is not in compliance with the continued listing standards by November 21, 2026, or if the Company does not make progress consistent with the plan during the plan period, the Company will be subject to delisting proceedings. If the plan is accepted, the Company will also be subject to periodic NYSE American reviews, including quarterly monitoring for compliance with the plan.

The Company's Class A voting shares will continue to be listed and trade on the symbol "RYDE" while it attempts to regain compliance with all applicable continued listing standards. Receipt of the notice does not affect the Company's business, operations, financial or liquidity condition, or reporting requirements with the Securities and Exchange Commission.

About Ryde Group Ltd

Ryde is a super mobility app founded in Singapore and recognised as the world's FIRST on-demand carpooling app since 2014. As a publicly listed company on the NYSE American, Ryde is reimagining the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit https://rydesharing.com/.

Contacts

For Media Relations:
Media Team
Ryde Group Ltd
Email: media@rydesharing.com

For Investor Relations:
Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and expectations on the timing and completion of the offering. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors discussed in the "Risk Factors" section of the final prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Ryde Group Ltd specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Ryde Group Ltd

View the original press release on ACCESS Newswire

FAQ

Why did NYSE American issue a non-compliance notice to Ryde (RYDE)?

NYSE American issued the notice because Ryde's stockholders' equity of US$2.8M falls below the required US$4.0M threshold and the company reported losses in 3 of its 4 most recent fiscal years.

What must Ryde (RYDE) do to maintain its NYSE American listing?

Ryde must submit a compliance plan by June 20, 2025, showing how it will regain compliance with listing standards by November 21, 2026, and demonstrate consistent progress with the plan.

Will Ryde (RYDE) stock continue trading during this compliance period?

Yes, Ryde's Class A voting shares will continue trading under the symbol 'RYDE' while the company works to regain compliance with NYSE American listing standards.

What happens if Ryde (RYDE) fails to meet NYSE American's requirements?

If Ryde fails to submit an acceptable plan, doesn't make consistent progress, or fails to regain compliance by November 21, 2026, the company will be subject to delisting proceedings.