09:50 AM EDT, 09/26/2024 (MT Newswires) -- Ryde Group ( RYDE ) said Thursday it priced a public offering of 5.3 million units at $0.85 per unit for gross proceeds of about $4.5 million.

Each unit consists of one class A ordinary share and one warrant. The warrants are immediately exercisable at $0.85 and will expire in five years.

The offering is expected to close Friday.

Shares of Ryde Group ( RYDE ) tumbled 28% in early trading Thursday.

Price: 0.83, Change: -0.32, Percent Change: -28.09