Roundtable CEO James Heckman announced on Friday, January 16, that merger partner RYVYL Inc. (NASDAQ: RVYL) received formal notice from Nasdaq. The notice confirmed the company satisfied Listing Rule 5550(a)(2), surpassing the closing bid price requirement and is no longer under review.
Following a recent reverse split, the RVYL share price exceeded the necessary threshold to resolve the compliance matter. This occurred after Roundtable's investment met the shareholder equity minimum requirement.
On the same day as the Nasdaq notice, the companies jointly filed a Form S-4 registration statement with the SEC in connection with their transaction. This filing starts the SEC review process. Shareholder approval is then required, with completion anticipated in late Q1.
These regulatory milestones remove obstacles for the companies to finalize their previously announced merger and Nasdaq listing. The merger aims to help Roundtable migrate major media brands to its Web3-native media operating system.
Roundtable is a Web3 digital media SaaS platform. It provides decentralized publishing, commerce, data, syndication, network distribution, ad sales and operations, along with community platforms and custom apps for major media and professional journalist brands.
RYVYL stated the Nasdaq compliance determination did not alter its capital structure or shareholder equity. The company added all material conditions for the merger have been satisfied, except for SEC approval of the Form S-4 and other customary closing conditions.
The companies said they expect to provide further updates as the SEC review proceeds.