SAN DIEGO, CA – RYVYL Inc. (NASDAQ:RVYL), a management consulting services firm, announced today that it plans to hold its 2024 Annual Meeting of Stockholders on December 19, 2024. The company, formerly known as GreenBox POS, has set October 22, 2024, as the record date for determining stockholders eligible to vote at the meeting.
The announcement, made through an 8-K filing with the Securities and Exchange Commission, also includes revised deadlines for stockholder proposals. Due to the 2024 Annual Meeting being scheduled more than 30 days after the previous year's meeting, previous deadlines for submitting proposals are no longer applicable.
Stockholders intending to have their proposals included in the proxy materials must submit their proposals by October 25, 2024. This date also applies to stockholders wishing to present director nominations or other proposals at the meeting but not seeking inclusion in the proxy materials.
RYVYL Inc. has determined the October 25 deadline as reasonable for beginning the printing and distribution of its proxy materials. Any adjournment or postponement of the meeting date will not affect this deadline or start a new period for proposal submissions.
Proposals and nominations must be addressed to the Corporate Secretary at RYVYL Inc.'s business address in San Diego, California. This announcement is based on a press release statement.
The company's stock, traded under the symbol RVYL, is listed on the Nasdaq Capital Market. RYVYL Inc. has undergone several name changes, with its origins as ASAP Expo, Inc., before transitioning to GreenBox POS, LLC, and later GreenBox POS, before adopting its current name.
In other recent news, RYVYL Inc. has reported its Q2 2024 earnings, showcasing strong international growth. The financial technology solutions firm's total revenue met expectations, driven by a 134% increase in international segment revenue year-over-year. Despite a revenue decrease in North America, RYVYL's European operations, RYVYL EU, are anticipated to be the primary revenue driver for the year. The company has successfully integrated Visa (NYSE:V) Direct and expanded its Visa partnership, while also collaborating with ACI Worldwide (NASDAQ:ACIW) to enhance transaction processing and security.
New product offerings, including NanoKard and RYVYL Fabric, demonstrate the company's commitment to innovation. RYVYL projects a total revenue for 2024 to be between $65 million and $70 million, with profitability expected in the fourth quarter. The company's Banking-as-a-Service offering has spurred customer and transaction volume growth. Adjusted EBITDA was negative $1.6 million, with a recovery expected in North America by Q4. These are just a few of the recent developments at RYVYL Inc.
InvestingPro Insights
RYVYL Inc.'s recent announcement of its 2024 Annual Meeting comes amid a period of significant stock price volatility and financial challenges. According to InvestingPro data, the company's market capitalization stands at a modest $13.17 million, reflecting its small-cap status. Despite facing profitability hurdles, with a negative operating income of $9.68 million in the last twelve months, RYVYL has shown impressive revenue growth of 42.88% over the same period, reaching $68.4 million.
InvestingPro Tips highlight the stock's recent performance, noting a "significant return over the last week" and a "strong return over the last month," with 1-week and 1-month price total returns of 27.4% and 73.83%, respectively. This short-term momentum contrasts with the longer-term trend, as the stock price has "fallen significantly over the last five years."
Investors should be aware that analysts do not anticipate RYVYL to be profitable this year, which aligns with the company's current financial situation. The stock's high volatility and lack of dividend payments, as pointed out by InvestingPro Tips, suggest that RYVYL may be better suited for risk-tolerant investors who can withstand potential price swings.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips for RYVYL, providing a more comprehensive view of the company's financial health and market position.
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