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Ryde Group Ltd (NYSE American: RYDE) has filed a Form F-3 shelf registration to give itself maximum flexibility to raise capital over the next three years.
- Primary shelf: up to US$100 million in Class A ordinary shares, debt securities, warrants, rights or units that may be sold directly, or through underwriters, dealers or agents.
- Rule 415 eligibility: the company’s public float is only US$4.768 million (14.9 million non-affiliate shares at US$0.32 on 7 Jul 2025). Under Instruction I.B.5, Ryde cannot sell more than one-third of that float (≈US$1.6 million) in any 12-month period until its market value exceeds US$75 million.
- Carry-over securities: (i) 5.3 million Class A shares issuable on exercise of warrants sold in the Sept 2024 follow-on offering; (ii) conversion of the prior Form F-1 registration (File No. 333-282076) into the new shelf.
- Resale component: 8.03 million Class A shares held by Octava Fund Ltd may be offered for secondary sale. Ryde will receive no proceeds.
The filing refreshes capital-raising capacity after a series of corporate actions:
- US$12 million IPO (Mar 2024) and US$4.5 million follow-on (Sept 2024).
- Secondary listings on Frankfurt and Stuttgart (Jun 2024) and several new subsidiaries (BVI and Singapore) to support expansion.
- 40 % stake in Atoll Discovery (Jun 2025) paid with 4.85 million Ryde shares.
Business snapshot. Ryde is a Cayman Islands holding company whose operating subsidiaries in Singapore run a “super mobility app” offering car-pooling, ride-hailing (RydeX, RydeXL, RydeLUXE, RydePET, RydeTAXI) and quick-commerce parcel delivery (RydeSEND). Key strengths cited include dual-segment platform, scalable technology and experienced management.
Key risks spelled out in the prospectus:
- Early-stage growth and continuing losses; profitability hinges on reducing driver/consumer incentives.
- Intense competition from Grab, Gojek, ComfortDelGro, Lalamove and others.
- Regulatory overhang (Platform Workers Act 2024, driver classification, data privacy, AML, LTA licensing).
- Micro-cap status (US$0.32 share price), potential NYSE American listing compliance challenges and dilution from warrants, resale shares and future offerings.
- Technology, cybersecurity and brand-reputation risks inherent in ride-hailing and delivery models.
Use of proceeds will be detailed in future prospectus supplements, but typical purposes include working capital, technology investments and potential acquisitions. The company’s ability to tap the full US$100 million depends on a significant improvement in market capitalization or uplisting.
Overall, the F-3 positions Ryde to raise incremental capital quickly, continue warrant coverage and permit shareholder liquidity, while highlighting substantial competitive, operational and regulatory headwinds that investors must weigh.
ALPS Advisors, Inc. and its advised fund Alerian MLP ETF filed Amendment No. 4 to Schedule 13G reporting their ownership in USA Compression Partners LP (USAC).
- The reporting persons jointly hold 15,605,098 common units of USAC.
- This position equals 13.27 % of the partnership’s outstanding units.
- Both entities report shared voting and dispositive power over the entire stake; they hold no sole voting or dispositive power.
- The filing is made under Rule 13d-1(b), indicating a passive investment by an institutional adviser and an exchange-traded fund.
- The event date triggering the filing is 30 June 2025; the certification is signed on 1 July 2025 by Chief Compliance Officer Matthew Sutula.
- ALPS Advisors clarifies that the units are owned by its advised funds, and it disclaims beneficial ownership except for Section 13(d) purposes.
The disclosure confirms a sizable, but passive, institutional position in USAC without indicating any intent to influence control or strategy.
Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – “Autocallable Barrier Enhanced Return Notes” linked to the common stock of Palantir Technologies Inc. (PLTR).
- Issue size & denomination: minimum US$1,000 increments; CUSIP 06376ERH7.
- Key dates: Pricing Date 11-Jul-2025, Settlement 16-Jul-2025, possible automatic redemption (Observation Date) 17-Jul-2026, Valuation Date 12-Jul-2028, Maturity 17-Jul-2028.
- Automatic redemption: If PLTR closes > 75 % of Initial Level on 17-Jul-2026 (Call Level), BMO redeems at par + US$310 Call Amount (≈31 % p.a.). After redemption no further upside is paid.
- Maturity payoff (if not called): • Upside: 200 % participation on positive price change. • Protection: full principal so long as Final Level ≥ 70 % of Initial (Barrier). • Downside: if Final < 70 % of Initial, investor loses 1 % of principal for each 1 % decline (maximum 100 % loss).
- Coupons / listing: none; the notes will not be listed, creating potential liquidity constraints.
- Credit & valuation: unsecured, unsubordinated obligations of BMO; initial estimated value ≈ US$975.60 per US$1,000 (maximum discount US$75 vs. issue price); all payments subject to BMO credit risk.
- Fees & conflicts: 0 % agent commission shown; selected dealers receive up to US$8.00 structuring fee; BMO Capital Markets Corp. acts as both selling & calculation agent.
- Risk highlights: principal at risk, early call limits upside, no dividends, market & single-equity volatility, limited secondary market, uncertain tax treatment, potential conflicts of interest in pricing & hedging.
The product targets investors seeking amplified upside exposure to PLTR with partial downside protection and accepting early-call, liquidity, credit and tax risks.
Bank of Montreal (BMO) plans to offer unsecured Senior Medium-Term Notes, Series K that are market-linked to the S&P 500 Index (ticker “SPX”). The four-year notes will price on 30 Jul 2025, settle on 04 Aug 2025 and mature on 04 Aug 2027.
Return profile
- Upside participation: 100% of any positive percentage change in the Index.
- Maximum Return / Redemption: capped at 12.00% ($1,120 per $1,000); investors cannot earn more, regardless of how much the Index rises.
- Downside exposure: principal is protected; if the Index is flat or down at maturity, holders simply receive the $1,000 principal with no additional return.
- No periodic coupons; the notes are zero-coupon instruments.
Key economic terms
- Initial Level: closing SPX level on the Pricing Date.
- Final Level: closing SPX level on the Valuation Date (30 Jul 2027).
- Upside Leverage Factor: 100%.
- Estimated initial value: $976.40 (97.64% of par) on the date of this supplement; final estimate will not be below $930.
- Price to public: 100% of face; BMO Capital Markets Corp. (BMOCM) acts as agent and will receive a 0.90% selling concession.
- CUSIP: 06376ERZ7; minimum denomination $1,000.
Risk highlights
- Capped upside: earnings are limited to 12%, potentially far below direct equity returns.
- Credit risk: repayment depends solely on BMO’s ability to pay; the notes are not FDIC- or CDIC-insured.
- Liquidity: no exchange listing; secondary trading, if any, will be solely at BMOCM’s discretion and likely below issue price.
- Initial value discount: the internal valuation is below par because of hedging and distribution costs.
- Taxation: expected to be treated as contingent-payment debt instruments; U.S. holders will accrue taxable income annually despite no cash flows until maturity.
Illustrative payouts
- If SPX rises ≥12%: investor receives the Maximum Redemption Amount of $1,120.
- If SPX rises 10%: payout = $1,100.
- If SPX is unchanged or any percentage lower: payout = $1,000 (no loss, no gain).
Strategic positioning
The notes suit investors who want equity exposure with full principal protection and are willing to surrender participation above 12% for that protection. They may appeal to risk-averse allocators expecting modest gains in large-cap U.S. equities over the next two years. Conversely, investors seeking higher equity upside, regular income, or secondary-market liquidity may find the instrument unattractive.
Bank of Montreal (BMO) plans to offer unsecured Senior Medium-Term Notes, Series K that are market-linked to the S&P 500 Index (ticker “SPX”). The four-year notes will price on 30 Jul 2025, settle on 04 Aug 2025 and mature on 04 Aug 2027.
Return profile
- Upside participation: 100% of any positive percentage change in the Index.
- Maximum Return / Redemption: capped at 12.00% ($1,120 per $1,000); investors cannot earn more, regardless of how much the Index rises.
- Downside exposure: principal is protected; if the Index is flat or down at maturity, holders simply receive the $1,000 principal with no additional return.
- No periodic coupons; the notes are zero-coupon instruments.
Key economic terms
- Initial Level: closing SPX level on the Pricing Date.
- Final Level: closing SPX level on the Valuation Date (30 Jul 2027).
- Upside Leverage Factor: 100%.
- Estimated initial value: $976.40 (97.64% of par) on the date of this supplement; final estimate will not be below $930.
- Price to public: 100% of face; BMO Capital Markets Corp. (BMOCM) acts as agent and will receive a 0.90% selling concession.
- CUSIP: 06376ERZ7; minimum denomination $1,000.
Risk highlights
- Capped upside: earnings are limited to 12%, potentially far below direct equity returns.
- Credit risk: repayment depends solely on BMO’s ability to pay; the notes are not FDIC- or CDIC-insured.
- Liquidity: no exchange listing; secondary trading, if any, will be solely at BMOCM’s discretion and likely below issue price.
- Initial value discount: the internal valuation is below par because of hedging and distribution costs.
- Taxation: expected to be treated as contingent-payment debt instruments; U.S. holders will accrue taxable income annually despite no cash flows until maturity.
Illustrative payouts
- If SPX rises ≥12%: investor receives the Maximum Redemption Amount of $1,120.
- If SPX rises 10%: payout = $1,100.
- If SPX is unchanged or any percentage lower: payout = $1,000 (no loss, no gain).
Strategic positioning
The notes suit investors who want equity exposure with full principal protection and are willing to surrender participation above 12% for that protection. They may appeal to risk-averse allocators expecting modest gains in large-cap U.S. equities over the next two years. Conversely, investors seeking higher equity upside, regular income, or secondary-market liquidity may find the instrument unattractive.
Western Midstream Partners, LP (NYSE: WES) — Schedule 13G/A Amendment No. 6
ALPS Advisors, Inc. ("AAI") and Alerian MLP ETF have filed an amended Schedule 13G reporting their aggregate beneficial ownership of Western Midstream Partners’ common units as of 30 June 2025.
- Beneficial ownership: AAI is deemed to beneficially own 34,675,907 units, equal to 9.11 % of WES’s outstanding units; Alerian MLP ETF directly owns 34,348,642 units, or 9.03 %.
- Voting & dispositive power: Both filers report shared voting and dispositive power over their respective holdings and no sole voting or dispositive authority.
- Filing status: The positions are held in the ordinary course of business; the parties state the securities were not acquired to influence control of the issuer.
- Reporting capacity: AAI is classified as an investment adviser ("IA"); Alerian MLP ETF is an investment company ("IV").
- Certification: The filing is signed by Matthew Sutula, Chief Compliance Officer, on 1 July 2025.
The disclosure confirms that a single adviser-ETF complex retains a stake just over the 5 % threshold, signaling continued institutional ownership but no intent to seek control or board influence.
Bank of Montreal (BMO) is offering unsecured Senior Medium-Term Notes, Series K, linked 1-for-1 to the performance of the S&P 500® Index, with return capped at a Maximum Redemption Amount of US$1,442 per US$1,000 principal (44.20% maximum gain).
Key commercial terms
- Pricing Date: 25 Jul 2025; Settlement: 30 Jul 2025; Valuation: 28 Jan 2031; Maturity: 31 Jan 2031 (≈5.5-year tenor).
- Upside Leverage Factor: 100%; investors participate dollar-for-dollar in any S&P 500 appreciation until the 44.20% cap is reached.
- Downside protection: if the S&P 500 Final Level is ≤ Initial Level, holders receive full principal back—no downside participation below 0%.
- No periodic coupons; payment occurs only at maturity.
- Issue price 100% of face; estimated initial value US$945.80 (as low as US$900) reflecting dealer margins and hedging costs.
- Minimum denomination: US$1,000; CUSIP: 06376ERU8.
- Distribution handled by BMO Capital Markets Corp. (BMOCM); total selling commission 3.00% plus up to US$8.50 structuring fee; possible concessions for fee-based accounts.
Illustrative payouts
- S&P 500 rises 10% → note pays US$1,100 (10% gain).
- S&P 500 rises ≥44.20% → note pays capped US$1,442 (44.20% gain).
- S&P 500 unchanged or declines → note repays US$1,000 (0% return).
Material risks highlighted
- Cap on upside limits returns versus direct equity exposure.
- No interest income; opportunity cost versus comparable fixed-rate debt.
- Credit risk of BMO; repayment depends on issuer solvency.
- Liquidity: notes unlisted; secondary market, if any, only through BMOCM and likely below issue price.
- Valuation gap: initial estimated value is 94.58% of face, creating immediate mark-to-market discount.
- Taxation: expected treatment as contingent payment debt; U.S. holders recognize taxable income annually despite no cash flows.
Target investor profile: investors seeking equity-linked exposure with full principal protection and willing to forgo dividends, accept a 44.20% upside cap, limited liquidity and BMO credit risk over a 5½-year horizon.
Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – “Contingent Risk Absolute Return Buffer Notes” – linked to the S&P 500 Index, maturing 30 July 2027. The product provides a 125% leveraged upside, capped by a Maximum Return of 18% ($1,180 per $1,000). If the Index falls but remains above a 10% Buffer, investors receive a positive absolute return of up to $1,100 (10%). Below the Buffer, principal is eroded 1-for-1, exposing holders to losses of up to 90%.
Key economic terms:
- Issue price: 100% of par; estimated initial value: $964.10 (3.6% discount to par; could fall to $915 on pricing date).
- Agent’s commission: 2.0%; net proceeds to BMO: 98% of par.
- Upside leverage factor: 125%; Buffer Level: 90% of Initial Level; Calculation Agent & Selling Agent: BMO Capital Markets (BMOCM).
- No periodic coupons, no listing, and secondary liquidity solely at BMOCM’s discretion.
- All payments subject to BMO credit risk; notes are unsecured and uninsured.
- Tax treatment expected as pre-paid derivative contracts; U.S. federal tax consequences remain uncertain.
Risk highlights: upside capped, material downside beyond the 10% Buffer, credit exposure to BMO, illiquidity, initial value below issue price, potential conflicts of interest from hedging/market-making, and uncertain tax regime.
The filing is a Free Writing Prospectus (Rule 433) supplementing the March 25 2025 base documents and does not include BMO earnings information. It is aimed at sophisticated investors seeking defined risk/return exposure to the S&P 500 with limited upside and conditional downside mitigation.
Bank of Montreal (BMO) is offering Senior Medium-Term Notes, Series K – “Contingent Risk Absolute Return Buffer Notes” – linked to the S&P 500 Index, maturing 30 July 2027. The product provides a 125% leveraged upside, capped by a Maximum Return of 18% ($1,180 per $1,000). If the Index falls but remains above a 10% Buffer, investors receive a positive absolute return of up to $1,100 (10%). Below the Buffer, principal is eroded 1-for-1, exposing holders to losses of up to 90%.
Key economic terms:
- Issue price: 100% of par; estimated initial value: $964.10 (3.6% discount to par; could fall to $915 on pricing date).
- Agent’s commission: 2.0%; net proceeds to BMO: 98% of par.
- Upside leverage factor: 125%; Buffer Level: 90% of Initial Level; Calculation Agent & Selling Agent: BMO Capital Markets (BMOCM).
- No periodic coupons, no listing, and secondary liquidity solely at BMOCM’s discretion.
- All payments subject to BMO credit risk; notes are unsecured and uninsured.
- Tax treatment expected as pre-paid derivative contracts; U.S. federal tax consequences remain uncertain.
Risk highlights: upside capped, material downside beyond the 10% Buffer, credit exposure to BMO, illiquidity, initial value below issue price, potential conflicts of interest from hedging/market-making, and uncertain tax regime.
The filing is a Free Writing Prospectus (Rule 433) supplementing the March 25 2025 base documents and does not include BMO earnings information. It is aimed at sophisticated investors seeking defined risk/return exposure to the S&P 500 with limited upside and conditional downside mitigation.
Bank of Montreal (Series K) Contingent Risk Absolute Return Buffer Notes are two-year, unsecured senior notes linked to the S&P 500® Index (SPX) with the following key features:
- Upside exposure: 125% participation in any positive Index performance, capped at a 16.25% maximum return (maximum redemption of $1,162.50 per $1,000 principal).
- Absolute-return buffer: If the Index ends 0–10% below its initial level, investors receive a positive return equal to the decline, up to the $1,100 maximum downside redemption (10% gain).
- Conditional downside risk: A decline of more than 10% results in 1-for-1 loss beyond the 10% buffer; investors could lose up to 90% of principal.
- Key dates: Pricing — 25 Jul 2025; Settlement — 30 Jul 2025; Valuation — 27 Jan 2027; Maturity — 01 Feb 2027.
- Credit & liquidity: Payments depend on the credit of Bank of Montreal (unrated in this document); the notes pay no coupons and will not be listed on any exchange. BMOCM may provide limited secondary liquidity but is not obliged to do so.
- Pricing economics: Estimated initial value is $983 (minimum $935) versus the $1,000 issue price, reflecting embedded fees, hedging costs, and the issuer’s internal funding rate. Selected dealers may receive up to $6 per note as structuring fees.
- Denomination & CUSIP: $1,000 minimum; CUSIP 06376ERR5.
The instrument suits investors who: 1) are moderately bullish on U.S. large-cap equities over the next 18 months, 2) can tolerate credit and liquidity risk, 3) accept capped upside and substantial downside beyond a 10% buffer, and 4) do not need periodic income.
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