OLB Group Announces $6.1 Million Registered Direct Offering
August 19 2021 - 7:00AM
Business Wire
The 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.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the Offering.
Each 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.
The Company intends to use the net proceeds from the Offering
for working capital purposes.
The 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.
A 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: placements@hcwco.com.
The Warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Act”), and Regulation D promulgated thereunder and, along
with the Warrant Shares, have not been registered under the Act, or
applicable state securities laws. Accordingly, the Warrants and
Warrant Shares may not be offered or sold in the United States
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.
This communication 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 jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About The OLB Group Inc.
The OLB Group, Inc. is a payment facilitator and commerce
service provider that delivers cloud-based merchant services for
web-based and brick-and-mortar organizations. OLB provides a
seamless, end-to-end digital commerce solution that includes site
creation, hosting, transaction processing and payment gateway,
order fulfillment, customer service, outbound marketing, sales
reporting, and fundraising. With services from private label
shopping sites designed to maintain the unique look or feel of the
merchant website, to order fulfillment and customer service, OLB
remains invisible to the user and promotes the merchant’s brand
with market-leading technology and solutions. 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 completion of the
Offering; the satisfaction of customary closing conditions related
to the Offering and the intended use of net proceeds from the
Offering. 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 the risk that our strategic plans for our
future business, including entry into new lines of business, will
involve significant investment of resources, including on the part
of management, and may not be successful, as well as 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
Securities and Exchange Commission ("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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210819005281/en/
Investor Relations Contact: The OLB Group – Investor
Relations Rick Lutz InvestorRelations@olb.com (212) 278-0900 EXT:
333
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From May 2024 to Jun 2024
Old Line Bancshares (NASDAQ:OLBK)
Historical Stock Chart
From Jun 2023 to Jun 2024