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Ryde Group Ltd Addresses Share Price Volatility, Reaffirms Strong Business Fundamentals

By: via Business Wire

Ryde Group Ltd (NYSE American: RYDE) ("Ryde" or the “Company"), a leading technology platform for mobility and quick commerce, today said the Company is not aware of any operational developments or other material events that may have caused the volatility in the Company’s recent share price. The Company remains focused on executing its long-term growth strategy and delivering value to our shareholders.

Terence Zou, Group CEO & Founder of Ryde, stated, “Our fundamentals are strong, and we remain committed to sustainable growth. The recent share price fluctuations do not reflect the progress we have made since our NYSE listing in March 2024. The key management and shareholders have not divested any of their shares and remain confident in the Company’s future.

Key developments include:

1. AI-powered app redesign

In May 2024, we made significant improvements to enhance user interface by focusing on current design trends, language, and the use of AI with a more intuitive navigation experience for the riders.

2. Dual listing on the Frankfurt (FSE) and Stuttgart (XSTU) Stock Exchanges under the symbol D0S

In June 2024, we successfully completed our secondary listing on the FSE and XSTU Stock Exchanges, strategically expanding our investor base and making our unique value proposition more accessible to the European markets.

3. Healthcare Partnership

In June 2024, we partnered with a telehealth care provider to enhance the well-being of Ryde's driver-partners and their families by providing them with greater access to affordable healthcare services.

4. Ryde Empowers Initiative

In July 2024, we announced Ryde Empowers, a 12-month groundbreaking initiative designed to nurture and support local talent across various fields, including athletics, community service leaders, artists, and musicians in Singapore. Singaporean professional tennis player Sarah Pang joined us as the first champion of the Ryde Empowers’ program.

5. Partnership with Financial Services Company

In August 2024, we announced a strategic partnership with financial services company, Singlife, that provides accident benefits to all Ryde passengers and driver-partners.”

Mr. Zou concluded, “We believe these developments demonstrate our strong fundamentals and commitment to innovation. We remain confident in our ability to continue to grow the business and deliver value to our shareholders. We will continue to evolve and enhance the driver and rider experience while pursuing sustainable growth”.

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, 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/.

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 closing dates. 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 the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary 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.

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