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SAN DIEGO, CA, Jan. 28, 2025 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a leading innovator of payment transaction solutions leveraging electronic payment technology for diverse international markets, has paid the initial tranche of $13.0 million to a securityholder of the Company on January 27, 2025, which completed the following:
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Redeemed of all shares of the Company’s Series B Convertible Preferred Stock (“Preferred Stock”), for which the liquidation value was $53.1 million.
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Partially repaid the 8% Senior Convertible Note held by the securityholder (“Note”), reducing the outstanding principal from $18.3 million to $4.0 million, which is due on or before April 30, 2025, and also temporarily suspended (i) the Company’s requirement to pay interest on the remaining principal balance of the Note, (ii) the securityholder’s right to convert the Note and (iii) certain restrictive covenants contained in the Note, all of which would be restored if the Company does not pay the second tranche of $4.0 million by April 30, 2025.
“These transactions eliminate a large portion of the conversion overhang and substantial dilution risk to our common stock from both the Preferred Stock and Note,” said George Oliva, CFO of RYVYL. “We expect the net gain from this balance sheet restructuring to be highly anti-dilutive; thus, benefitting the common stockholders and lowering our overall cost of capital as we invest in our growth in 2025.”
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 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