Public Vehicle for the Intended Spin-off Acquired
SAN DIEGO, CA, May 01, 2023 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, today announced the engagement of Kingswood, a division of Kingswood Capital Partners, LLC (“Kingswood”) as its placement agent and advisor in connection with the planned spin-off of coyni, a wholly owned subsidiary of RYVYL, and subsequent public offering.
The planned offering of approximately $40 million with a NASDAQ uplisting is based on an estimated valuation of $200 million for Coyni’s assets and merging of other revenue sources. The Company has not obtained an independent third-party valuation of coyni. The Company is evaluating additional details regarding the spin-off and offering and will provide further information when available.
RYVYL also completed the acquisition of 97.7% ownership in Logicquest, a shell company, for the purchase price of $225,000. The Company intends to transfer the assets of coyni to Logicquest and subsequently spin-off Logicquest. Upon completion of the spin-off and public offering, RYVYL intends to pay a special equity dividend to shareholders. There can be no assurance as to the timing or whether the Company will be able to consummate the spin-off of Logicquest.
Additional details are available in the Current Report on Form 8-K the Company filed today and now available on the RYVYL Investor’s website at https://investors.ryvyl.com/financials/sec-filings/
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 unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. 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 i contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, RYVYL’s management as well as estimates and assumptions made by the RYVYL’s management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used orally or in this report, the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” “approximately,” and other words or the negative of these terms and similar expressions as they relate to the applicable company or its management identify forward-looking statements. Such forward-looking statements reflect the current view of RYVYL with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to RYVYL and its subsidiaries. Such factors include, but are not limited to, uncertainties as to the completion and timing of the planned spin-off of Logicquest, the failure to satisfy any terms or conditions to complete the spin-off of Logicquest, the expected tax treatment of the spin-off of Logicquest, the impact of the spin-off of Logicquest on the businesses of RYVYL or Logicquest, the expected benefits for RYVYL or Logicquest, RYVYL’s ability to successfully raise capital in connection with the Offering, RYVYL’s need and ability to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, uncertainties and potential inaccuracies in the valuation amount of Coyni’s assets because such valuation has not been independently verified by any third party, RYVYL’s ability to complete the intended transfer of assets of Coyni to Logicquest, the regulatory risks with the financial product and blockchain business lines and such other risks and uncertainties described more fully in documents filed by RYVYL including the risk factors discussed in RYVYL’s Annual Report on Form 10-K for the period ended December 31, 2022 as filed with the SEC on April 17, 2023, the risks and uncertainties described more fully in documents filed by Logicquest including the risk factors discussed in Logicquest’s Annual Report on Form 10-K for the period ended December 31, 2022, as filed with the SEC on March 30, 2023, which are available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or any underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. All forward-looking statements speak only as of the date hereof.
Investor Relations Contact:
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
RVYL@mzgroup.us
www.mzgroup.us
