RYVYL (NASDAQ: RVYL), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, has announcing a reverse stock split. According to the announcement, the company’s board of directors approved the stock split of RVYL outstanding shares of common stock, par value $0.001 per share at a ratio of 1 for 10. The reverse stock split will not require company stockholder approval because the decision was approved in accordance with existing Nevada regulations. The company noted that the reverse stock split was expected to become effective on Sept. 6, 2023, with shares expected to begin trading on the split-adjusted basis on the NASDAQ on Sept. 7. Trading will be under the company’s existing trading symbol: RVYL. Specifics of the stock split call for every 10 issued and outstanding shares of RVYL common stock to be converted into one share without any change in the par value per share. With that in mind, the reverse stock split will reduce the number of outstanding shares from an estimated 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,” stated the announcement. “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.”
To view the full press release, visit https://ibn.fm/v9jGk
About RYVYL
RYVYL 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, 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. For more information about the company, please visit www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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