By Kelly Cloonan
RYVYL has entered into a standstill agreement to negotiate and potentially restructure the terms of a pre-funded asset sale of its European subsidiary.
The payment transaction solutions company on Thursday said the buyer has agreed to a standstill period from April 23 through May 6.
RYVYL can extend the standstill period for an additional 21 days to May 27 in consideration of its payment of $750,000 on or before May 6, the company said.
The standstill period comes after the company in January entered an agreement with a funding source for $15 million, structured as a pre-funded asset sale with a 90-day closing period.
The shares of the company's EU subsidiary will continue to be held in escrow while the standstill period is ongoing.
The stock fell 13% to 85 cents in after-hours trading on Thursday. Shares declined 29% over the last 12 months through Thursday's close.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 24, 2025 17:20 ET (21:20 GMT)
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