Business
RYVYL Amends MOU to Adjust Timing of First Tranche Payment to Investor to Retire 8% Senior Convertible Note and Series B Convertible Preferred Stock
SAN DIEGO, CA, Nov. 20, 2024 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a leading innovator of payment transaction solutions
About this update from Rtb Digital, Inc.
[{"type":"text","content":"SAN DIEGO, CA, Nov. 20, 2024 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) (\"RYVYL\" or the \"Company\"), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, amended the previously announced non-binding Memorandum of Understanding (the “MOU”) for the full repayment and termination of an 8% Senior Convertible Note (the “Note) and the redemption of all shares of the Company’s Series B Convertible Preferred Stock (the “Preferred Stock”). The MOU has been amended to extend the first tranche payment of $12.8 million to November 29, 2024. The Company will use its reasonable best efforts to raise the financing required, but there is no assurance that it will be able to do so by November 29, 2024. Even if the Company does raise sufficient funds, since the MOU is not binding, there is no assurance that the Company will be able to enter into the Definitive Agreements with the Investor. This communication is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 proprietary blockchain ledger and electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. 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 Ac...