he OLB Group, Inc. (“OLB,” or the “Company”), a fintech company and payment facilitator, today announced the pricing of an underwritten public offering of 700,000 units, with gross proceeds to the Company expected to be approximately $6.3 million. Each unit consists of one share of common stock, two Series A warrants, and one half of one Series B warrant. The Series A warrants will be immediately exercisable at a price of $9.00 per share and will expire on the fifth anniversary of their issuance date. The Series B warrants will be immediately exercisable at a price of $4.50 per share and will expire on the fifth anniversary of their issuance date. Both the Series A warrants and Series B warrants may be redeemed by the Company in the event the closing price of the Company’s common stock exceeds $9.00 per share for 20 consecutive trading days following issuance in accordance with applicable call provisions.
OLB Group also announced that, in connection with the offering, its common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol “OLB” on August 7, 2020. Neither series of warrants will be listed for trading on a national securities exchange.
The Company intends to use the net proceeds of this offering primarily to invest in or acquire companies or technologies that are synergistic with or complimentary to its business, expand and market its current products, use 20% to pay off existing long-term indebtedness obligations and for working capital and other general corporate purposes.
The Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock, Series A warrants and/or Series B warrants offered in the public offering to cover over-allotments, if any, at the public offering price. The offering is expected to close on or about August 11, 2020, subject to customary closing conditions.
Aegis Capital Corp. is acting as sole bookrunner for the offering.
This offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-232368) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 6, 2020. A final prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus, when available, may be obtained by contacting Aegis Capital Corp., Attention: Prospectus Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in its entirety the prospectus, which provides more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About The OLB Group, Inc. (OLB)
The OLB Group, Inc. is a commerce service provider that delivers fully outsourced private label shopping solutions to highly trafficked websites and retail locations. We provide end-to-end e-commerce, mobile and retail solutions to customers.
Investors & Analysts Contact:
Ronny Yakov
Chief Executive Officer
(212) 278-0900
[email protected]