Paramount stock rises after FCC approves Skydance merger
SAN DIEGO - RYVYL Inc. (NASDAQ:RVYL), currently valued at $2.75 million in market capitalization, announced Thursday it has closed its previously announced public offering, raising approximately $6 million in gross proceeds before deducting placement agent fees and other expenses. According to InvestingPro analysis, the company has been quickly burning through cash, with a concerning current ratio of 0.77.
The offering consisted of 15,384,615 shares of common stock (or prefunded warrants in lieu thereof) and warrants to purchase up to 15,384,615 shares of common stock, at a combined public offering price of $0.39 per share and accompanying warrant.
The warrants have an exercise price of $0.39 per share, are immediately exercisable, and will expire five years from their issuance date.
Maxim Group LLC acted as the sole placement agent for the offering, which was conducted through a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission on July 14.
RYVYL, which describes itself as a provider of payment transaction solutions leveraging electronic payment technology, was founded in 2017 as GreenBox POS. The company develops applications for financial transactions with enhanced security features and identity theft protection.
The information in this article is based on a press release statement from the company.
In other recent news, RYVYL Inc. has announced the pricing of a public offering expected to raise approximately $6 million in gross proceeds. The offering consists of 15,384,615 shares of common stock and warrants, with Maxim Group LLC acting as the sole placement agent. Additionally, RYVYL has filed an S-1 registration statement with the SEC and plans to acquire an entity with complementary technology, contingent upon raising $100 million. The company has also completed the sale of its European subsidiary, RYVYL EU, and implemented cost-saving measures, including a workforce reduction in North America. In a strategic financial move, RYVYL converted its remaining Senior Convertible Note into common stock, issuing 7.1 million shares to strengthen its balance sheet. Furthermore, Brett Moyer has been appointed to the board of directors, succeeding David Montoya, and is expected to assist in pursuing growth opportunities. Lastly, RYVYL disclosed that it did not terminate a $15 million subsidiary sale agreement by the deadline, allowing the purchaser to proceed with the transaction. These developments indicate RYVYL’s ongoing efforts to optimize financial operations and explore strategic growth avenues.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.