Ryvyl Inc. - RVYL STOCK NEWS

RYVYL Inc. (NASDAQ: RVYL) has reported significant growth in its innovative Banking-as-a-Service (BaaS) solution, securing partnerships with six global financial institutions expected to process over $100 million monthly when fully operational. Key partners include industry leaders like Paydek and Xace. RYVYL's BaaS infrastructure meets the rising demand for efficient, cost-effective financial services in response to recent bank failures. The platform provides API integrations, supports transactions in over 40 currencies, and operates around the clock on business days, enhancing compliance and fraud prevention. By year-end, RYVYL aims to expand its global payment capabilities to over 100 local currencies. This growth positions RYVYL as a major player in the rapidly evolving financial technology landscape.

RYVYL Inc. (NASDAQ: RVYL) announced it has no exposure to Silicon Valley Bank or Signature Bank. Despite past deposits with Signature Bank, the company has moved its operations to other banks. RYVYL did not hold deposits with SVB, ensuring its operations remain unaffected by SVB's closure. The company highlights that SVB's collapse showcases the superiority of its coyni technology over traditional digital payment systems, emphasizing transparency, stability, and security. RYVYL continues to innovate in the payment technology sector, aiming to redefine financial transactions with its blockchain solutions.

RYVYL Inc. (NASDAQ: RVYL) announced the appointment of Mary Lay Hoitt, CPA, as the new Interim Chief Financial Officer, following the resignation of J. Drew Byelick. Hoitt brings over 25 years of financial expertise, having served in CFO and VP Financial roles across various industries including tech and medical manufacturing. Her significant experience includes restructuring distressed entities and raising over $50 million in PIPE financing. The Chairman, Ben Errez, expressed confidence in Hoitt's strategic mindset to assist with the company's ongoing financial report restatements and to benefit shareholders.

RYVYL Inc. (NASDAQ: RVYL) announced a corporate update regarding the restatement of financial statements for 2021 and 2022, as filed with the SEC on January 20, 2023. The restatement will lead to decreased total revenue, increased net losses, and diminished total assets and stockholders’ equity. However, cash, operating margins, and processing volumes are expected to remain unaffected. The company aims to file the revised financials in its 10-K report and other necessary filings soon. RYVYL seeks to keep shareholders informed about this process as it continues to enhance its blockchain-based payment technology.

RYVYL Inc. (NASDAQ: RVYL) announced its commitment to investigate suspicious trading patterns of its stock, aiming to combat illegal naked short selling. The company's leadership observed irregular activity meriting a formal investigation into potential violations of Regulation SHO. Under this regulation, broker-dealers must properly mark trades and ensure securities are available to borrow. RYVYL expressed its dedication to shareholder protection and plans to work with regulators to prosecute violators. The company applauds recent efforts by Genius Group Limited in similar endeavors. Further updates will be provided as necessary.

RYVYL Inc. (NASDAQ: RVYL) addressed recent upheavals in the cryptocurrency market, including the collapses of FTX and BlockFi, in a letter to shareholders. Chairman Ben Errez emphasized that RYVYL is not a cryptocurrency firm and remains unaffected by the bankruptcies. Instead, he highlighted the strength of their USD-pegged stablecoin, coyni, backed by real dollars in a custodial account. RYVYL welcomes potential regulatory scrutiny in the crypto space, viewing it as an opportunity for growth in digital payments. The company aims to leverage its unique technology to expand its market share amidst industry challenges.

RYVYL Inc. (NASDAQ: RVYL) has received a Notification Letter from NASDAQ stating non-compliance with the minimum bid price requirement of $1.00 per share, as it has not maintained this price for 30 consecutive days.

The Company has until June 5, 2023 to regain compliance, requiring a closing bid price of at least $1.00 for 10 consecutive trading days. RYVYL plans to monitor its stock price and is considering various financial measures to improve its business position.

RYVYL Inc. (NASDAQ: RVYL) will present at the Sequire Virtual Small Cap Conference on December 8, 2022, at 3:30 PM ET. The company, focused on leveraging blockchain and USD-pegged stablecoin technology, aims to highlight its significant growth and innovative payment solutions. Chairman Ben Errez will be available for virtual meetings during the event, which showcases technology-focused small-cap companies to a wide audience of investors.

RYVYL Inc. (RVYL) announced the rescheduling of its Q3 conference call to November 21, 2022, at 4:30 PM ET, due to the need for an extension to file its Quarterly Report on Form 10-Q. The delay is attributed to challenges in compiling information regarding the modification and valuation of derivative liabilities, as advised by new auditors Simon and Edward, LLP. The call will cover financial results, corporate updates, and include a Q&A session. The company emphasizes its commitment to enhancing the security and efficiency of financial transactions through blockchain and stablecoin technology.