• Partially underwritten entitlement offer to raise up to $4.3 million
• Significant change of board and executive leadership
• Conversion of all secured convertible notes into equity

Jayride Group Limited (ASX: JAY), the global online travel marketplace for airport transfers, announces the commencement of a corporate restructuring and financing intended to set a pathway for a new phase of growth. Key points include a partially underwritten entitlement offer to raise up to $4.3 million, a significant change of board and executive leadership, and the conversion of all secured convertible notes into equity. The entitlement offer will be partially underwritten to $1 million by incoming director Brett Partridge. The company will also make several new appointments to its board and executive team, including Randy Prado as CEO, Ram Navaratnam as Director of Finance, and Patrick Campbell as Chief Marketing Officer. All secured convertible notes will be converted into equity at $0.003 per share, on equivalent terms to the entitlement offer. Jayride also intends to actively engage with suppliers to normalise relations and improve its path towards profitability on the existing business.

With a revitalised management and leadership team in place, Jayride intends to actively engage with all suppliers to whom it has outstanding balances to enter into payment arrangements and ensure that they return to doing business with Jayride. Notably, demand on the Jayride platform continues to be strong, suggesting that as Jayride improves its relationships with suppliers and significantly reduces its operating expenses, there may be a way towards profitability on the existing business.