The OLB Group, Inc. a provider of cloud-based omni-commerce and payment acceptance solutions for small- and mid-sized merchants, announced it has entered into a securities purchase agreement with certain institutional investors to issue, in a private placement priced at-the market under Nasdaq rules, 4,545,455 shares of Common Stock and warrants to purchase up to 4,545,455 shares of Common Stock, at a purchase price of $5.50 per share of Common Stock and associated Warrant, for expected gross proceeds to OLB of approximately $25 million, before deducting placement agent fees and other estimated offering expenses payable by the Company. The Warrants have an exercise price of $6.50 per share of Common Stock and may be exercised at any time prior to the five-year anniversary of the effective date of the registration statement.
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H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement.
The Company intends to use the net proceeds from the private placement to invest in or acquire companies or technologies that are synergistic with or complimentary to its business, to expand and market its current products and for working capital and general corporate purposes.
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The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and unless so registered, any such securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. Under an agreement with the investors, the Company agreed to file an initial registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the Shares to be issued to the investors and the shares of Common Stock issuable upon the exercise of the Warrants no later than 15 days and to use best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 75 days in the event of a “full review” by the SEC.
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