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RYVYL Provides Corporate Update on Restatement of Previously Issued Financial Statements
Restatements will not impact cash, operating margins or processing volume SAN DIEGO, CA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL”
About this update from Rtb Digital, Inc.
[{"type":"text","content":"Restatements will not impact cash, operating margins or processing volume SAN DIEGO, CA, Jan. 25, 2023 (GLOBE NEWSWIRE) -- 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 to conduct payment transactions today provided a corporate update following the Company’s January 20th Current Report on Form 8-K filing with the SEC regarding non-reliance on previously issued financial statements. The impact of the restatement of the financial statements for the annual and interim periods for the year ended December 31, 2021 and the interim periods for the first three calendar quarters of the year ended December 31, 2022 is expected to be limited to decreases to total revenue, increased net losses, decreases to total assets, and decreased total stockholders’ equity, as noted in the 8-K. The Company expects that cash, operating margins, and processing volumes as reported in our previously issued financial statements will not be materially impacted by the restatements. “As we work through the process of restating our previously issued financial statements with our new auditor, we understand that communicating the expected impact is of utmost importance to our shareholders,” said Ben Errez, Chairman of RYVYL Inc. “We look forward to the completion of the restatements and providing investors with clarity regarding their necessity.” The Company anticipates filing the restatements of the previously issued financial statements as soon as practicable. The Company plans on filing the restated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2022 and in any other filings that may be necessary or appropriate. Related press releases, investor presentations or other communications describing the Company’s financial statements for these periods should also no longer be relied upon. For additional information, see the January 20th 8-K available on RYVYL’s Investor Relations website at 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 st...