Ryde Group Faces Legal Proceedings and Class Action Suit

Ryde Group Ltd, the Singapore-based super mobility app and publicly listed company on the NYSE American, has issued an update regarding ongoing legal proceedings and a class action lawsuit. The company, known for its on-demand carpooling services since 2014, provided details on two significant matters that shareholders should be aware of.

First, a shareholder has filed a petition in the Grand Court of the Cayman Islands. The petition concerns corporate governance and share issuance matters. The shareholder is seeking an order for the purchase of their remaining shares at fair value, with the alternative of winding up the company. The proceedings are still in their early stages, and no substantive findings have been made by the court. The directors of the company remain in control, and the operations of Ryde Group Ltd continue uninterrupted.

Second, a putative securities class action has been filed against Ryde Group Ltd in the United States District Court for the Southern District of New York. The lawsuit involves purchasers of the company's securities between March 6, 2024, and September 11, 2024. The lead plaintiff deadline is set for November 9, 2026. Ryde Group Ltd intends to engage litigation counsel to actively defend the action.

The company stated that it does not currently believe the Cayman Islands proceedings are material to its operations. However, it will reassess this position and provide further disclosure if circumstances change. Ryde Group Ltd is committed to keeping its shareholders informed and will provide an update at its extraordinary general meeting on September 29, 2026.

Ryde Group Ltd, recognized as the world's first on-demand carpooling app, continues to reimagine the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. The company's commitment to empowering private-hire and taxi partners by taking 0% commission is a key aspect of its business model.