RYVYL Announces Second Exchange Agreement with Convertible Noteholder; Reducing Company Debt by more than $60 million
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SAN DIEGO, CA, Nov. 28, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, announced today the Company entered into a second exchange agreement with an existing noteholder (the “Noteholder”), to forbear the note repayment requirement until April 5th, 2025 and exchange the outstanding principal in a new authorized series of preferred stock.
Under the terms of the Exchange Agreement , the Company and the Noteholder have agreed to exchange, upon satisfaction of all applicable closing conditions (or waiver of any of such conditions), (i) 6,000 shares of Series A Convertible Preferred Stock, (ii) the right to the exchange the shares of Unissued Series A Preferred Stock for an additional
“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 Ben Errez, Chairman of RYVYL. “Once completed, we will have a stronger balance sheet, significantly increasing net shareholder equity and reducing outstanding debt by more than
Additional information can be found in the Company’s Current Report on Form 8-K filed today with the Securities and Exchange Commission, and available on RYVYL’s Investor Relations website https://investors.ryvyl.com/financials/sec-filings/
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) Revolutionizing Global Payments: Our 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, we ensure unparalleled security, transparency, and immutability in all transactions. Our commitment to simplicity guarantees a user-friendly interface accessible to everyone, while robust compliance measures instill trust and confidence across borders and regulatory landscapes. 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
RVYL@mzgroup.us
www.mzgroup.us
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