RYVYL (NASDAQ: RVYL) leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation capabilities to conduct payment transactions. The company today announced that, on July 31, 2023, it closed the first of two exchange transactions with an existing noteholder under the terms of an agreement dated July 25, 2023. According to the update, 6,000 shares of Series A Convertible Preferred Stock were issued to the noteholder in exchange for $4,297,000 of the outstanding principal balance of the note and $1,703,000 of accrued interest. As recently announced, under the terms of the agreement, the company and the noteholder agreed to exchange, in two separate transactions, an aggregate of $22.703 million of the outstanding principal and interest under an outstanding convertible note, held by the noteholder, for 15,000 shares of RYVYL’s Series A Preferred Convertible Stock. The remaining $16,703,000 in principal, not closed on, under the terms of the agreement, is to be exchanged for 9,000 shares of Series A Convertible Preferred Stock at an additional closing, subject to the satisfaction of certain conditions, including obtaining stockholder approval for the issuance of all shares of common stock underlying the Series A Convertible Preferred Stock, in accordance with Nasdaq rules and regulations.
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About RYVYL Inc.
RYVYL 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 stablecoin technology with near real-time attestation capabilities, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. 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. For more information, 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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