Ryvyl spike another 10% after announcing initiation of coyni spinoff

Shares of blockchain and technology payment transaction firm Ryvyl are up 8c or 9.96% to 88c per share in after-hours trading on Monday, after announcing initiated the spin-off of coyni, its stablecoin technology, into a publicly traded vehicle that will assist in broad value creation strategy by means of a special dividend to be paid upon completion of the spin-off. Shares were up 20% during the regular session. The company added, "We have already identified and expect to acquire the proper vehicle in the coming weeks to proceed with the spin-off and we believe unlock significant shareholder value. We have also identified the investment banking team for the transaction and are in the process of evaluating mergers with possible partners. With a growing pipeline in our domestic and international acquiring businesses, market share capture in American Samoa, recent breakthrough sign ups with our banking-as-a-service solution, and plans to spin-off coyni to unlock its potential, we are well positioned for strong growth and expansion of our presence in the digital payments landscape. In 2023, we expect to see our transaction volume increase to $6B resulting in revenue of $60M and a positive adjusted EBITDA of $4M."