Ryde Group receives non-compliance notice from NYSE American

Ryde Group (RYDE) received notice from the NYSE American on May 21, 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. Section 1003(a)(ii) applies if a listed company has stockholders’ equity of less than $4M 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 $2.8M 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.