Welcome to our dedicated page for OLB Group news (Ticker: OLB), a resource for investors and traders seeking the latest updates and insights on OLB Group stock.
OLB Group, Inc. (OLB) provides fintech merchant services and Bitcoin mining solutions through secure cloud-based technologies. This news hub offers investors and business professionals centralized access to official announcements, financial disclosures, and strategic developments.
Key updates include: quarterly financial results, payment processing innovations, mining operation expansions, and partnership announcements. Users gain timely insights into operational milestones across both business segments.
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OLB Group's CEO Ronny Yakov has issued an open letter to shareholders, reflecting on the challenges of 2023 and outlining ambitious plans for 2024. The company recently acquired full control of Cuentas SDI, , including Black011.com, and is expanding its services to bodegas and convenience stores. New product launches are anticipated by the end of Q3 2024, with further services expected in early 2025. The core business remains merchant payment services, with enhancements to the Black011.com portal. OLB is also expanding its sports ticketing systems and launching new platforms like ShopFast™ and OLBPay™. The DMint Bitcoin mining spinoff is progressing, with financial implications to be reported. Despite revenue losses from a terminated merchant services portfolio, the company projects a $15 million revenue run rate for 2024. OLB is involved in ongoing litigation to recover $16 million from FFS Data and Clear Fork Bank. The CEO expressed optimism about the company's future post-spinoff.
The OLB Group (NASDAQ: OLB) reported its Q1 2024 financial results, showing a revenue decrease to $3.5 million from $6.6 million in Q1 2023. The net loss increased to $2.9 million from $2.6 million, and adjusted EBITDA dropped to ($1.2) million from $752K. Net loss per share improved slightly to ($0.14) from ($0.17). The revenue dip was mainly due to the closure of the merchant portfolio acquired from FFS Data Corp in 2021, which is under litigation.
Business highlights include regaining compliance with Nasdaq's listing requirements, acquiring the remaining 19.9% of Black011, and signing seven minor league baseball teams as new customers. The Company remains engaged in litigation with FFS Data and Clear Fork Bank over the acquired merchant portfolio.
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.
The OLB Group, Inc. announced a one-for-ten reverse stock split effective May 6, 2024. Shareholders approved the split, reducing outstanding shares from 18,103,462 to approximately 1,810,346. The company's ticker symbol remains 'OLB'. The split aims to increase the market price per share to maintain Nasdaq listing.
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