OLB Group Provides Shareholder Update Prior to Upcoming Special Shareholder Meeting April 26, 2024, at 10:00 AM Eastern
- The OLB Group, Inc. plans a one-for-ten reverse stock split at the special shareholder meeting on April 26, 2024, to boost share price and keep its Nasdaq listing.
- The company finalizes audited financial statements for its Bitcoin mining subsidiary, DMint, in preparation for the planned Spinoff to segregate assets efficiently and reflect non-cash depreciation expenses.
- Despite concerns about capital, the company maintains a strong balance sheet with no debt and does not foresee the need for dilutive equity financing.
- Shareholders can submit questions for the meeting and access a FAQ section on the company's website for more information.
- Interested investors can sign up for email notifications of future press releases and updates.
- None.
NEW YORK, NY / ACCESSWIRE / April 23, 2024 / The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise issued a shareholder update today prior to the company's special shareholder meeting to be held on Friday April 26, 2024 - https://investors.olb.com/event/2024-special-meeting/.
The special shareholder meeting is scheduled for shareholders to consider an amendment to the Company's certificate of incorporation to affect a one-for-ten reverse stock split (the "Reverse Split"). The Reverse Split is intended to result in an increase in the Company's share price whereby the Company will be able to retain its listing on the Nasdaq Capital Markets.
Also, in connection with the finalization of the audit of its financial statements for the year ended December 31, 2023, the Company completed separate audited financial statements of DMint, Inc., the company's wholly owned Bitcoin mining subsidiary, in preparation for the previously announced spinoff (the "Spinoff"). In anticipation of the Spinoff, the Company has segregated its assets between the two entities to allow a more efficient break of the businesses. In connection with the Spinoff, it is anticipated that almost all of the non-cash depreciation expense for the Bitcoin mining computers which has been recognized in OLB's financial statements, will be solely reflected in the DMint financial statements.
Although it is difficult to forecast a record date and closing date of the Spinoff, DMint continues to respond to SEC comments on the registration statement for the Spinoff, which remains filed on a confidential basis.
The Company's balance sheet remains strong as it continues to carry no debt. Despite some concerns raised to management that the company is in search of capital; management does not anticipate the need for any dilutive equity financing.
Shareholders and interested investors are invited to submit questions for the shareholder meeting at IR@OLB.com. A Letter to Shareholders will be issued after the Shareholder Meeting to ensure all shareholders are informed.
Investors and shareholders are encouraged to send questions to management to be posted and answered at the Company's website at https://investors.olb.com/investors-faq/.
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future Press releases and Industry. updates by email: IR@olb.com.
For more information about The OLB Group, please visit https://www.olb.com and financial information https://investors.olb.com/
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider expanding into the "under banked" market sector and a pending spinoff of a Bitcoin mining enterprise to OLB shareholders. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to thousands of merchants in all 50 states.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a bitcoin mining operation and our ability to earn revenue from the new operations. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
CONTACT:
OLB Group, Investor Relations
Rick Lutz
IR@OLB.com
(212) 278-0900 Ext. 333
SOURCE: OLB Group
View the original press release on accesswire.com
FAQ
What is the purpose of the special shareholder meeting scheduled for April 26, 2024?
What is the Spinoff mentioned in the press release?
Is the OLB Group in search of capital according to the press release?
How can shareholders submit questions for the shareholder meeting?
Where can investors find future press releases and updates from OLB Group?
