RYVYL Announces Completion of Initial Steps Under the Exchange Agreement Reducing Debt and Increasing Shareholder Equity and Cash Flow
03 Agosto 2023 - 9:00AM
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 SchwalenbergMZ
Group - MZ North
America312-261-6430RVYL@mzgroup.uswww.mzgroup.us
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