InvestorNewsBreaks – RYVYL Inc. (NASDAQ: RVYL) Issues Update on Restatement of Previously Issued Financial Statements
Jan 25, 2023
RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, today provided a corporate update. The update follows RYVYL’s Jan. 20 current report on Form 8-K filing with the SEC regarding non-reliance on previously issued financial statements. The impact of the restatement of the financial statements for the annual and interim periods for the year ended Dec. 31, 2021, and the interim periods for the first three calendar quarters of the year ended Dec. 31, 2022, is expected to be limited to increased net losses and decreases to total revenue, total assets and total stockholders’ equity, as noted in the 8-K. The company expects that cash, operating margins and processing volumes as reported in its previously issued financial statements will not be materially impacted. “As we work through the process of restating our previously issued financial statements with our new auditor, we understand that communicating the expected impact is of utmost importance to our shareholders,” said RYVYL Chairman Ben Errez. “We look forward to the completion of the restatements and providing investors with clarity regarding their necessity.”
To view the full press release, visit https://ibn.fm/RQegG
About RYVYL Inc.
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 unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni(R) 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. For more information, 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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