RYVYL exchanges $6M of convertible note for Series A Preferred shares

RYVYL Inc.

Exchanged $4.297M principal + $1.703M accrued interest on 8% Convertible Note for 6,000 Series A Preferred shares on July 31.
Part of larger exchange of up to $22.703M total for 15,000 Series A Preferred shares; second exchange still pending.
Series A Preferred stock is newly authorized; exchange exempt from registration under Section 3(a)(9).
Note originally issued Nov 2021 with $100M principal, maturity extended to Nov 2024 via Aug 2022 restructuring.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

RYVYL Inc. entered into Exchange Agreement with institutional investor valued at Exchange of $22.703 million of outstanding principal and interest under the 8% Convertible Note Due (effective 2023-07-25).

Action: entry
Counterparty: institutional investor
Value: Exchange of $22.703 million of outstanding principal and interest under the 8% Convertible Note Due
Effective: 2023-07-25

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement As described in a Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on July 26, 2023 (the “July 26 th Form 8-K”), on July 25, 2023, RYVYL Inc., a Nevada corporation (the “Company”), entered into an Exchange Agreement (the “Exchange Agreement”) with an institutional investor (the “Investor”), which previously provided $100 million in convertible note financing to the Company, evidenced by an 8% Convertible Note Due 2023, issued to the Investor on November 8, 2021 (the “Note”), which Note was originally due on November 5, 2023, and which maturity date was extended to November 5, 2024, pursuant to a Restructuring Agreement, dated as of August 16, 2022.

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RYVYL Inc. filing history →

Source: SEC EDGAR

accession 0001185185-23-000777

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