Ryde Group receives warning letter from NYSE regarding compliance

Ryde Group (RYDE) announced it has received a warning letter from NYSE American regarding the company’s compliance with Section 401(a) of the NYSE American company guide. On October 7, NYSE Regulation staff noted a significant increase in Ryde’s stock price and an unusually large volume of trading activity in the company’s stock. That day, NYSE Regulation staff contacted the company to inquire whether the company was aware of any information that could explain this activity. The company responded to NYSE Regulation’s inquiry late on the evening of October 7, indicating that they were not aware of any information that could have given rise to the unusual trading activity. However, on October 9, the company filed a Form 6-K with the SEC, which disclosed a material transaction that had been entered into on October 7 in Singapore. Because this material transaction was entered into on October 6, the exchange’s immediate release policy required the transaction to be disclosed before the commencement of trading on the exchange on October 7. As such, the company’s failure to make an immediate public disclosure of the execution of the transaction agreement constitutes a violation of Section 401 of the company guide. In accordance with Section 1009 of the company guide, NYSE Regulation is issuing this warning letter in response to that violation.