OLB Group Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

The OLB Group (NASDAQ: OLB) announced it has regained compliance with Nasdaq's minimum bid price requirement.

From May 6 to May 17, 2024, the closing bid price of OLB's common stock was at or above $1.00 per share for 10 consecutive business days.

As a result, Nasdaq has closed the matter, confirming OLB's adherence to Listing Rule 5550(a)(2).

This development ensures the continued listing of OLB's common stock on the Nasdaq exchange.

Positive

• OLB regained compliance with Nasdaq's minimum bid price requirement.
• The closing bid price of OLB's common stock stayed at or above $1.00 per share for 10 consecutive business days.
• Nasdaq confirmed the company's adherence to Listing Rule 5550(a)(2).
• Continued listing on the Nasdaq exchange is now ensured.

Negative

• Compliance was only achieved after a period of non-compliance, which may have caused investor concern.

NEW YORK, NY / ACCESSWIRE / May 20, 2024 / The OLB Group, Inc., (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced today that it has received a written letter from Nasdaq, which has determined that for the last 10 consecutive business days, from May 6, 2024 to May 17, 2024, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is now closed.

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

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.

For more information about The OLB Group, please visit https://www.olb.com and http://investors.olb.com

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, statements concerning the impact of COVID-19 on our operations and financial condition, 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 cryptocurrency 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: The OLB Group, Inc.

View the original press release on accesswire.com

FAQ

What is the recent announcement from OLB Group?

OLB Group announced it has regained compliance with Nasdaq's minimum bid price requirement.

When did OLB Group regain compliance with Nasdaq's minimum bid price rule?

OLB Group regained compliance between May 6 and May 17, 2024.

What is the significance of OLB's compliance with Nasdaq Listing Rule 5550(a)(2)?

Compliance with Nasdaq Listing Rule 5550(a)(2) ensures continued listing of OLB's common stock on the Nasdaq exchange.

How long did OLB's stock remain at or above the minimum bid price?

OLB's stock remained at or above the minimum bid price for 10 consecutive business days.