RYVYL Announces Completion of Initial Steps Under the Exchange Agreement Reducing Debt and Increasing Shareholder Equity and Cash Flow
SAN DIEGO, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation capabilities to conduct payment transactions, announced today the Company on July 31, 2023 closed the first of two exchange transactions, with an existing noteholder (the “Noteholder”) under the terms of an Exchange Agreement, dated July 25, 2023 (the “Exchange Agreement”), and issued 6,000 shares of Series A Convertible Preferred Stock to the Noteholder in exchange for $4,297,000 of the outstanding principal balance of the Note and $1,703,000 of accrued interest.
SAN DIEGO, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation capabilities to conduct payment transactions, announced today the Company on July 31, 2023 closed the first of two exchange transactions, with an existing noteholder (the “Noteholder”) under the terms of an Exchange Agreement, dated July 25, 2023 (the “Exchange Agreement”), and issued 6,000 shares of Series A Convertible Preferred Stock to the Noteholder in exchange for $4,297,000 of the outstanding principal balance of the Note and $1,703,000 of accrued interest.
As recently announced in a July 26, 2023 press release, under the terms of the Exchange Agreement, the Company and the Noteholder agreed to exchange, in two separate exchanges, an aggregate of $22.703 million of the outstanding principal and interest under an outstanding convertible note, held by the Noteholder, for 15,000 shares of the Company’s s Series A Preferred Convertible Stock . The remaining $16,703,000 in principal, not closed on, under the terms of the Exchange Agreement, is to be exchanged for 9,000 shares of Series A Convertible Preferred Stock at an additional closing, subject to the Company’s having satisfied certain conditions, including obtaining stockholder approval for the issuance of all shares of common stock underlying the Series A Convertible Preferred Stock, in accordance with the rules and regulations of NASDAQ.
Additional information can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 1, 2023, and available on RYVYL’s Investor Relations website https://investors.ryvyl.com/financials/sec-filings/
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation capabilities, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
Cautionary Note Regarding Forward-Looking Statements.
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact:
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
[email protected]
www.mzgroup.us
