07:51 AM EST, 11/11/2024 (MT Newswires) -- Ryvyl ( RVYL ) said Monday it has signed a non-binding memorandum of understanding for the full repayment and termination of an 8% senior convertible note worth $19.0 million and the redemption of all $53.5 million worth of shares of the company's series B convertible preferred stock.

Under the terms of the agreement, the company has agreed to pay $16.5 million for full repayment of the note and to buy back all of the shares of preferred stock.