SCHEDULE: CVI Investments Reports 0% Stake in RYVYL Inc.

CVI Investments, Inc. and its investment manager, Heights Capital Management, Inc., have filed an amended Schedule 13G indicating zero beneficial ownership of RYVYL Inc. common stock.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. (collectively, the "Reporting Persons") have filed an Amendment No. 5 to Schedule 13G regarding their beneficial ownership of RYVYL Inc. common stock.
• As of the event date of June 30, 2025, the Reporting Persons collectively hold 0.00 shares of RYVYL Inc. common stock.
• This represents 0% of the class of RYVYL Inc. common stock.
• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and may exercise voting and dispositive power over shares beneficially owned by CVI Investments, Inc.
• The Reporting Persons disclaim beneficial ownership of any shares except for their pecuniary interest therein.

Sentiment

Score: 5

Explanation: This filing is a routine disclosure of beneficial ownership, indicating a 0% stake, and does not contain information that would typically influence sentiment positively or negatively.

Risks

• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding RYVYL Inc.'s operations or financial performance.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." (Statement by Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.)

Industry Context

This filing is a routine regulatory disclosure of beneficial ownership, common in the investment management industry, and does not provide insights into broader industry trends or competitive dynamics for RYVYL Inc. or its sector.

Related Party Transactions

• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc., exercising voting and dispositive power over shares beneficially owned by CVI Investments, Inc.

Stakeholder Impact

• Shareholders: This filing indicates that CVI Investments, Inc. and Heights Capital Management, Inc. no longer hold a beneficial ownership stake in RYVYL Inc., which may be a neutral signal regarding institutional interest.

Key Dates

Keywords

RYVYL Inc., CVI Investments, Heights Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Investment Management