RYVYL Announces 1-for-10 Reverse Stock Split
06 Settembre 2023 - 7:21PM
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, today announced that the Board of Directors
has approved a reverse stock split of its outstanding shares of
common stock, par value $0.001 per share (the "Common
Stock") at a ratio of 1-for-10. The reverse stock split does not
require the approval of the Company’s stockholders, as it was
approved in accordance with Nevada Revised Statutes Section 78.207.
The reverse stock split is expected to become
legally effective on September 6, 2023 (the "Legal
Effective Date"), and the shares are expected to begin trading on
the split-adjusted basis on the Nasdaq under the Company's existing
trading symbol "RVYL" at market open on September 7, 2023,
upon Nasdaq's approval.
On the Legal Effective Date, every 10 issued and
outstanding shares of the Company’s Common Stock will be converted
automatically into one share of the Company’s Common Stock without
any change in the par value per share. Once effective, the reverse
stock split will reduce the number of shares of Common Stock
outstanding from approximately 52.4 million shares to approximately
5.24 million.
The Company believes a reverse stock split is
necessary to increase the market price per share to better assure
that it maintains compliance with the $1.00 minimum bid
price required for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2) and to make investments in the
Company more attractive to investors by increasing the trading
price of the Company’s Common Stock on such market.
Immediately after the reverse stock split, each
stockholder's percentage ownership interest in the Company and
proportional voting power will remain unchanged, except for minor
changes and adjustments that will result from the treatment of
fractional shares. The Company will not issue fractional shares,
but will round up any fractional share to the next whole number of
shares. The rights and privileges of the holders of shares of
Common Stock will be substantially unaffected by the reverse stock
split.
Stockholders who hold their shares in brokerage
accounts or in "street name" will have their positions
automatically adjusted to reflect the reverse stock split, subject
to each broker's particular processes, and will not be required to
take any action in connection with the reverse stock split.
Registered stockholders holding pre-split shares of the Company's
Common Stock electronically in book-entry form are not required to
take any action to receive post-split shares. Those stockholders
holding shares of the Company's Common Stock in certificate form
will receive a transmittal letter from Broadridge with instructions
as soon as practicable after the Legal Effective Date.
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 token technology for the 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 Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on the Company's current
beliefs, assumptions and expectations regarding future events,
which in turn are based on information currently available to the
Company. Such forward-looking statements include statements
regarding the timing of the filing of the aforementioned periodic
reports. By their nature, forward-looking statements address
matters that are subject to risks and uncertainties. A variety of
factors could cause actual events and results to differ materially
from those expressed in or contemplated by the forward-looking
statements, including the risk that the completion and filing of
the aforementioned periodic reports will take longer than expected
and that additional information may become known prior to the
expected filing of the aforementioned periodic reports with the
SEC. Other risk factors affecting the Company are discussed in
detail in the Company's filings with the SEC. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws.
Investor Relations Contact:Mark SchwalenbergMZ
Group - MZ North
America312-261-6430GBOX@mzgroup.uswww.mzgroup.us
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