Business
OLB Group Announces $6.1 Million Registered Direct Offering
NEW YORK--(BUSINESS WIRE)-- The OLB Group, Inc. (NASDAQ: OLB) (the "Company"), a provider of cloud-based omni-commerce and payment acceptance solutions for
About this update from The Olb Group, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nThe OLB Group, Inc. (NASDAQ: OLB) (the \"Company\"), a provider of cloud-based omni-commerce and payment acceptance solutions for small- and mid-sized merchants, announced today that it has entered into definitive agreements with certain institutional investors for the sale of an aggregate of 1,418,605 shares of common stock at a purchase price of $4.30 per share in a registered direct offering (the \"Offering\"). The gross proceeds to the Company are expected to be approximately $6.1 million, before deducting placement agent's fees and Offering expenses payable by the Company. The Offering is expected to close on or about August 23, 2021, subject to satisfaction of customary closing conditions.\n\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the Offering.\n\nEach share of common stock is being sold, in a concurrent private placement, with one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder to acquire one share of common stock of the Company (each, a \"Warrant Share\") at an exercise price of $5.42 per share, will be exercisable beginning six-months from the date of issuance and will expire five and one-half years from the date of issuance.\n\nThe Company intends to use the net proceeds from the Offering for working capital purposes.\n\nThe common shares (but not the Warrants or the Warrant Shares) are being offered pursuant to a “shelf” registration statement on Form S-3 (File No. 333-255152) previously filed with the Securities and Exchange Commission (the “SEC”) on April 9, 2021 and declared effective by the SEC on May 3, 2021. The Offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.\n\nA final prospectus supplement and accompanying prospectus relating to the Offering will be filed with the SEC and will be available for free on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the Offering may be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, or by telephone: (646) 975-6996 or by e-mail: [email protected].\n\nThe Warrants described above were off...