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

Rhea-AI Summary

Ryde Group (NYSE American: RYDE), a leading technology platform for mobility and quick commerce, has addressed recent share price volatility, stating that the company is unaware of any operational developments or material events causing the fluctuations. CEO Terence Zou reaffirmed the company's strong fundamentals and commitment to sustainable growth, highlighting key developments since their NYSE listing in March 2024:

1. AI-powered app redesign in May 2024
2. Dual listing on Frankfurt and Stuttgart Stock Exchanges in June 2024
3. Healthcare partnership with a telehealth provider in June 2024
4. Launch of Ryde Empowers initiative in July 2024
5. Strategic partnership with Singlife financial services in August 2024

The company emphasized that key management and shareholders have not divested any shares, demonstrating confidence in Ryde's future prospects and growth strategy.

Positive

• Dual listing on Frankfurt and Stuttgart Stock Exchanges, expanding investor base
• Partnership with telehealth provider to offer affordable healthcare services to driver-partners
• Launch of Ryde Empowers initiative to support local talent in Singapore
• Strategic partnership with Singlife to provide accident benefits for passengers and driver-partners
• AI-powered app redesign to enhance user interface and experience

Negative

• Unexplained share price volatility

Insights

Financial Analyst

The recent share price volatility of Ryde Group (NYSE: RYDE) appears disconnected from the company's operational performance. Despite the lack of material events driving the fluctuations, Ryde's fundamentals remain robust. The company's strategic initiatives, including AI-powered app redesign and dual listing on European exchanges, demonstrate a focus on user experience and market expansion. However, the absence of concrete financial figures or revenue projections in this statement limits our ability to quantify the impact of these developments. The retention of shares by key management and shareholders signals confidence in the company's trajectory, but investors should remain cautious and monitor for tangible financial outcomes in upcoming earnings reports.

Tech Expert

Ryde's AI-powered app redesign is a significant technological advancement that could enhance user engagement and potentially drive growth. By focusing on current design trends and incorporating AI for more intuitive navigation, Ryde is positioning itself at the forefront of mobility app technology. This move aligns with industry trends towards more personalized and efficient user experiences. The partnership with a telehealth provider also showcases Ryde's innovative approach to driver retention and welfare. However, the real test will be in the adoption rates and user satisfaction metrics, which are not provided in this statement. Investors should look for concrete data on user acquisition and retention in future reports to gauge the success of these technological initiatives.

Market Research Analyst

Ryde's expansion strategy, particularly its dual listing on Frankfurt and Stuttgart stock exchanges, demonstrates a savvy approach to broadening its investor base. This move could potentially increase liquidity and visibility in European markets, which is important for a growth-stage company. The Ryde Empowers initiative, while not directly impacting financials, could enhance brand perception and community engagement in Singapore, potentially leading to increased user loyalty and market share. However, the impact of these initiatives on actual market performance remains to be seen. The partnership with Singlife for accident benefits is a strategic move to differentiate Ryde in a competitive mobility market. Investors should closely monitor user growth rates, market share changes and any shifts in consumer perception to assess the effectiveness of these market-oriented strategies.

SINGAPORE--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240920667456/en/

For Media Relations:

Media Team

Ryde Group Ltd

Email: media@rydesharing.com



For Investor Relations:

Investor Relations Team

Ryde Group Ltd

Email: investor@rydesharing.com



Skyline Corporate Communications Group, LLC

Email: info@skylineccg.com

Source: Ryde Group

FAQ

What caused the recent volatility in Ryde Group 's (RYDE) share price?

According to the company, Ryde Group is not aware of any operational developments or material events that may have caused the recent share price volatility.

Has Ryde Group (RYDE) implemented any significant changes since its NYSE listing in March 2024?

Yes, Ryde has implemented several key developments, including an AI-powered app redesign, dual listing on Frankfurt and Stuttgart Stock Exchanges, a healthcare partnership, launch of the Ryde Empowers initiative, and a strategic partnership with Singlife.

When did Ryde Group (RYDE) complete its dual listing on European stock exchanges?

Ryde Group completed its secondary listing on the Frankfurt (FSE) and Stuttgart (XSTU) Stock Exchanges in June 2024 under the symbol D0S.

What is the Ryde Empowers initiative launched by Ryde Group (RYDE)?

Ryde Empowers is a 12-month initiative announced in July 2024, designed to nurture and support local talent across various fields, including athletics, community service leaders, artists, and musicians in Singapore.