Jun. 16 at 11:16 AM
$RVYL Ryvyl announces strategic actions including reduction of 18 employees
RYVYL has submitted a registration statement on Form S-1 with the Securities and Exchange Commission. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Additionally, management is executing strategic actions and enhancing its business plan: RYVYL is Focusing on growing its North America revenues, including pursuing a legacy vertical market, which at its peak, in the fourth quarter of 2023, delivered revenue of
$12 million; Expanding its blockchain applications and crypto capabilities; and Rightsizing the company.
The company has entered into a letter of intent to acquire an entity with technology and digital assets that are complementary. RYVYL has closed the sale of RYVYL EU, its wholly owned European subsidiary, and the transaction is complete. The company has withdrawn its previous guidance for 2025. In addition, on May 31, 2025, RYVYL realigned its corporate and North America operations and implemented a reduction in force of 18 employees, representing approximately 40% of its North America workforce.
Savings from this action along with other reductions are expected to result in savings of approximately
$780,000 per quarter. Plans to reduce outside engineering contractors during the second quarter of 2025 are expected to result in savings of approximately
$265,000 per quarter. The Company expects the full impact of these savings to begin in the third quarter of 2025.
The offering is expected to commence after the SEC completes its review process, subject to market and other conditions. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
