RYVYL exchanges $60.3M note & preferred for Series B convertible preferred; $3M cash paid

RYVYL Inc.

Exchanged $60.3M of note principal, all Series A Preferred, and rights to Unissued Series A for 55,000 Series B Preferred shares.
Series B has $1,000 stated value; convertible at fixed $3.11/share or alternate conversion price (floor $0.62).
Company to pay investor $3M cash; investor waives interest through July 2024 and forbears note repayment until April 5, 2025.
Conversion limited to 19.99% of outstanding common until shareholder approval obtained per Nasdaq rules.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RYVYL Inc. entered into Second Exchange Agreement with an institutional investor valued at $60,303,000 of the outstanding principal under the Note for 55,000 shares of Series B Preferred Stoc (effective 2023-11-27).

Action: entry
Counterparty: an institutional investor
Value: $60,303,000 of the outstanding principal under the Note for 55,000 shares of Series B Preferred Stoc
Effective: 2023-11-27

Exact text from the filing

On November 27, 2023, the Company entered into an Exchange Agreement (the “Second Exchange Agreement”) with the Investor.

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RYVYL Inc. filing history →

Source: SEC EDGAR

accession 0001185185-23-001254

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