Ryde Group Ltd

Ryde Group Ltd announced a change in its Chief Financial Officer. Mr. Lang Chen Fei resigned from his position for personal reasons, effective July 3, 2026. The company's Board of Directors appointed Mr. Tee Kok Siong @ Tommy Tee as the new CFO, effective on the same date. Mr. Tee brings over two decades of financial leadership experience from various industries.

Ryde Group Ltd issued 10,500,000 Class B Ordinary Shares to its Founder, Chairman, and CEO, Mr. Terence Zou, after he met approved performance-based milestones. These milestones included the successful completion of three registered direct and private offerings totaling $28.9 million. Following this issuance, Mr. Zou's beneficial ownership of Class B Ordinary Shares increased to 30,177,175, which now constitutes approximately 16.74% of the company's total issued share capital and approximately 66.79% of the aggregate voting power.

Ryde Group Ltd issued 3,500,000 Class B Ordinary Shares to its Founder, Chairman, and CEO, Mr. Terence Zou, upon the satisfaction of approved performance-based milestones. These milestones included the successful completion of a $2 million registered direct offering and a $12 million private offering in December 2025. Following this issuance, Mr. Zou beneficially owns 19,677,175 Class B Ordinary Shares, which represents approximately 11.59% of the company's total issued share capital and 56.74% of the aggregate voting power.

Ryde Group Ltd announced it has resolved its continued listing deficiency with the NYSE American LLC, effective May 13, 2026. The company demonstrated compliance with Section 1003(a)(ii) of the Company Guide for two consecutive quarters. As a result, the ".BC" indicator will be removed, and Ryde will no longer be listed as a noncompliant issuer. The company expressed commitment to its long-term strategic goals.

Ryde Group Ltd reported unaudited financial results for Q1 2026, with revenue increasing 38% year-over-year to S$3.77 million (US$2.93 million). The company significantly improved its adjusted EBITDA, narrowing the deficit by 44% to S$1.02 million (US$0.79 million) due to enhanced operational efficiency and cost optimization. Shareholders' equity stood at S$31.12 million (US$24.14 million), bolstered by recent capital-raising efforts.

Ryde Group Ltd filed its 20-F annual report, detailing significant risks to its business and operations. The company highlighted challenges related to its early growth stage, intense competition in mobility and quick commerce, and the need to reduce driver and consumer incentives to achieve profitability. Regulatory changes, such as Singapore's Platform Workers Act 2024, and risks to brand reputation, data security, and potential reclassification of driver partners as employees, are also emphasized.