Ryvyl (RVYL) said Wednesday that it has entered into a new memorandum of understanding with a securityholder to repay its 8% senior convertible note and redeem all Series B convertible preferred stock.

The new agreement includes a $13 million first tranche payment to redeem the preferred stock and pay down part of the note, reducing the remaining principal to $4 million with maturity set for April 30, the company said.

The company added that it must make the $13 million payment and sign final agreements by Jan. 27 or the deal will be void. The payment deadline can be extended to Feb. 3, with an additional $50,000 payment, Ryvyl said.

Shares of Ryvyl rose past 8% in recent trading.

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