RYVYL (NASDAQ: RVYL), a leading innovator of payment-transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, has entered into a second exchange agreement with an existing noteholder. According to the announcement, the agreement will forbear the note repayment requirement until April 5, 2025, and exchange the outstanding principal in a new authorized series of preferred stock. The agreement outlines a series of exchanges as well as a cash payment of $3 million, which the company has agreed to make for an additional $3,600,000 reduction in principal of the note. At the anticipated closing date of the agreement, which is on or around Nov. 29, 2023, RYVYL’s debt is expected to be reduced to $19,700,000. “We believe that the noteholder’s agreement to convert a significant portion of its debt holdings to equity in the company evidences its continued support and its belief in RYVYL’s core mission,” said RYVYL chair Ben Errez in the press release. “Once completed, we will have a stronger balance sheet, significantly increasing net shareholder equity and reducing outstanding debt by more than $60 million. It is our hope that by bringing net shareholder equity back into compliance with NASDAQ’s listing standards, we will be able to maintain the listing of our common stock on NASDAQ as we look to continue to grow our disruptive payment transaction technology to diverse global markets.”
To view the full press release, visit https://ibn.fm/a1uri
About RYVYL Inc.
RYVYL’s cutting-edge blockchain, ledger-based platform offers a seamless and secure payment experience tailored for the diverse and ever-evolving global market. By harnessing the power of blockchain technology, the company ensures unparalleled security, transparency and immutability in all transactions. RYVYL’s commitment to simplicity guarantees a user-friendly interface accessible to everyone, while robust compliance measures instill trust and confidence across borders and regulatory landscapes. For more information about the company, please visit www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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