OLB Group Announces Pricing of $6.3 Million Public Offering and Uplisting to the Nasdaq Capital Market
August 06 2020 - 7:00PM
The 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 prospectus@aegiscap.com, 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 YakovChief Executive Officer(212) 278-0900ir@olb.com
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