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Recently completed convertible debt for preferred equity exchange transactions reduced debt by over $60 million, substantially increasing net stockholders' equity
SAN DIEGO, CA, Dec. 18, 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, has received confirmation from The Nasdaq Stock Market LLC ("Nasdaq") that it has regained compliance with Nasdaq's listing requirements by satisfying the minimum stockholders' equity requirement of $2.5 million under Nasdaq Continued Listing Rule 5550(b)(1).
"The strategic financial transactions recently undertaken by RYVYL have resulted in the restoration of compliance with Nasdaq regulations as well as greater equity investment exposure by our largest investor," said Ben Errez, Chairman of RYVYL. "With a much stronger balance sheet and continued listing of our common stock on Nasdaq, we believe that we are well-positioned to invest in growth and drive the expansion of our payment transaction technology and expand our global reach."
On November 29, 2023, RYVYL closed an exchange transaction (the "Exchange") as reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 4, 2023, which reduced the principal amount on a convertible note held by such large investor by $60,303,000. As a result of the Exchange RYVYL erased a stockholders' deficit of approximately $24.7 million at September 30, 2023, and now satisfies the minimum $2.5 million stockholders' equity listing requirement, bringing RYVYL back into compliance with all applicable requirements for continued listing on The Nasdaq Capital Market, as of December 13, 2023. In addition, Nasdaq has confirmed that the matter of the Company's previous notice of non-compliance under Listing Rule 5550(a)(2), Market Value of Listed Securities ("MVLS") Standard, has been closed.
Additional information can be found in the Company's Current Report on Form 8-K, which will be filed with the SEC promptly after the issuance of this press release, and will be available on the Edgar Database on the SEC's website and RYVYL's Investor Relations website at https://investors.ryvyl.com/financials/sec-filings/
Posted In: RVYL
