Roadzen CEO And Chairman To Exchange $3.5M Of Short-Term Debt For Company Equity
$RDZN
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Roadzen CEO And Chairman To Exchange $3.5M Of Short-Term Debt For Company Equity
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| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 5/23/2024 | $10.00 | Buy | Maxim Group |
Roadzen Inc (NASDAQ:RDZN) shares are trading lower by 11.8% to $2.00 Thursday afternoon after the company announced that its Special Committee of Independent Directors approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for ordinary shares of RDZN. The parties involved include CEO Rohan Malhotra and entities associated with Chairman Steven Carlson. The debt will be converted to shares based on a price of $2.80 per share or the 30-day volume-weighted average price after the company files its Q1 Form 10-Q. Steven Carlson expressed confidence in Roadzen’s AI platform’s potential for success in the auto insurance industry, highlighting the int
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10-Q - Roadzen Inc. (0001868640) (Filer)
8-K - Roadzen Inc. (0001868640) (Filer)
EFFECT - Roadzen Inc. (0001868640) (Filer)
Maxim Group initiated coverage of Roadzen with a rating of Buy and set a new price target of $10.00
Revenue Growth: Achieved second-quarter FY25 revenue of $11.9 million, a 33% increase from the first quarter's revenue of $8.9 million.Improved Path to Profitability: Reported a net loss of $21.8 million, primarily impacted by non-cash, non-recurring, and extraordinary items, resulting in an Adjusted EBITDA¹ loss of $2.1 million, an improvement from the previous quarter's Adjusted EBITDA loss of $2.8 million, reflecting a 25% sequential reduction powered by adoption of AI in reducing operating costs internally.Client Expansion: Added 5 new enterprise clients and over 150 agents and fleets, expanding our services to 108 enterprise clients across insurance and automotive sectors, and 3,550 age
NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN) ("Roadzen" or the "Company"), a pioneer in AI-driven insurance technology, has launched MixtapeAI, a platform designed to power AI agents and transform customer interactions in the insurance and mobility sectors. With MixtapeAI, insurers, brokers, agents, carmakers, and fleets can deliver intelligent, personalized, and secure customer experiences while automating complex workflows across multiple touchpoints. MixtapeAI: Driving Efficiency and Customer Engagement in Insurance and Mobility MixtapeAI leverages best-in-class foundation models such as OpenAI, Google, Anthropic, and Meta, ensuring customers receive natu
NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced that it will be participating in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York. The ThinkEquity Conference gathers institutional investors, corporate clients, and other industry professionals to highlight groundbreaking innovations and financial strategies. Rohan Malhotra, Founder and Chief Executive Officer, will be presenting at 9:00 a.m. ET on October 30th. Members of the Roadzen management will also be holding one-on-one investor meetings throughout the day
NEW YORK, May 30, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced that the Company is set to be added to the Russell 2000, Russell 3000, and Russell Microcap Indexes as part of the annual reconstitution of the Russell stock indexes, effective at the US market open on Monday, July 1, 2024. A preliminary list of Russell 3000 Index additions, including Roadzen, was posted by FTSE Russell on May 24, 2024. Rohan Malhotra, founder and CEO, commented, "We are delighted to be included in the prestigious Russell indexes during our first year as a Nasdaq-listed company. The inclusio
NEW YORK, March 05, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN), a global leader in AI-led insurance and mobility products, is excited to announce the appointment of Bruce Goldberg as General Counsel. With over three decades of executive experience overseeing legal, compliance, M&A, and HR in several public technology companies, Bruce brings a wealth of knowledge and a proven track record of success in scaling legal operations. His leadership will play an integral role in steering Roadzen through future opportunities, ensuring that the company's legal strategies support its growth and innovation. His appointment is part of our continued effort to strengthen the leadership team
NEW YORK, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN), a global pioneer in AI-driven insurance and mobility solutions, today announced the appointment of Jean-Noël Gallardo as its new Chief Financial Officer. Mr. Gallardo brings over two decades of experience in financial planning and analysis, treasury management, compliance, fundraising, and M&A, making him an integral addition to the Roadzen leadership team. With his extensive experience in insurtech, brokerage, and claims administration throughout the US and EU, Mr. Gallardo is ideally positioned to propel Roadzen's continued expansion. He will play a crucial role in enhancing Roadzen's financial and operational playb