OLB Group Announces Closing of $25 Million Private Placement Priced At-the-Market Under Nasdaq Rules
November 08 2021 - 9:50AM
Business Wire
The OLB Group, Inc. (NASDAQ: OLB) (“OLB” or the “Company”), a
provider of cloud-based omni-commerce and payment acceptance
solutions for small- and mid-sized merchants, announced today it
has closed its previously announced private placement priced
at-the-market under Nasdaq rules (the “Offering”). The Offering
consisted of 4,545,455 shares of Common Stock (“Common Stock”) (or
pre-funded warrants in lieu thereof) and warrants to purchase up to
4,545,455 shares of Common Stock (“Common Warrants”), for gross
proceeds to OLB of approximately $25 million, before deducting
placement agent fees and other estimated offering expenses payable
by the Company. The purchase price of each share of Common Stock
(or pre-funded warrant in lieu thereof) and associated Common
Warrant is $5.50. The Common Warrants have an exercise price of
$6.50 per share of Common Stock and may be exercised at any time
prior to the five-year anniversary of the effective date of the
resale registration statement.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the private placement.
The Company intends to use the net proceeds from the private
placement to invest in or acquire companies or technologies that
are synergistic with or complimentary to its business, to expand
and market its current products and for working capital and general
corporate purposes.
The securities offered in the private placement have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or applicable state securities laws, and unless
so registered, any such securities may not be offered or sold in
the United States except pursuant to an exemption from the
registration requirements of the Securities Act and applicable
state securities laws. Under an agreement with the investors, the
Company agreed to file an initial registration statement with the
Securities and Exchange Commission (the “SEC”) covering the resale
of the shares of Common Stock to be issued to the investors
(including shares underlying the pre-funded warrants) and the
shares of Common Stock issuable upon the exercise of the Common
Warrants within 15 days and to use best efforts to have the
registration statement declared effective as promptly as possible
thereafter, and in any event no later than 75 days in the event of
a “full review” by the SEC.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall it constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
About The OLB Group Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce
merchant services provider and Bitcoin crypto mining enterprise.
The Company's eCommerce platform delivers cloud-based merchant
services for a comprehensive digital commerce solution to over
9,500 merchants in all 50 states. DMint, a wholly owned subsidiary
of OLB Group, is engaged in the mining of Bitcoin utilizing
sustainable natural gas with an initial deployment of efficient
1,000 ASIC-based S19j Pro 96T mining computers projected by end of
2021. For more information about solutions, services, or to find a
reseller, please visit www.olb.com. Investor information is
available at www.olb.com/investors-data.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements in this press
release include, without limitation, the intended use of net
proceeds from the private placement. These statements relate to
future events, future expectations, plans and prospects. Although
the Company believes the expectations reflected in such
forward-looking statements are reasonable as of the date made,
expectations may prove to have been materially different from the
results expressed or implied by such forward-looking statements.
The Company has attempted to identify forward-looking statements by
terminology including “believes,” “estimates,” “anticipates,”
“expects,” “plans,” “projects,” “intends,” “potential,” “may,”
“could,” “might,” “will,” “should,” “approximately” or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. These statements are only
predictions and involve known and unknown risks, uncertainties and
other factors, including market and other conditions and those
discussed under Item 1A. “Risk Factors” in the Company’s most
recently filed Form 10-K filed with the SEC and updated from time
to time in its Form 10-Q filings and in its other public filings
with the SEC. Any forward-looking statements contained in this
press release speak only as of its date. The Company undertakes no
obligation to update any forward-looking statements contained in
this press release to reflect events or circumstances occurring
after its date or to reflect the occurrence of unanticipated
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20211108005731/en/
Investor Relations Contact: The OLB Group – Investor Relations
Rick Lutz InvestorRelations@olb.com (212) 278-0900 EXT: 333
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