Benzinga | Nov 3, 2021 09:19AM EDT

OLB Group Reports $25M Private Placement Priced At The Market

The OLB Group, Inc. (NASDAQ:OLB) ("OLB" or the "Company"), a provider of cloud-based omni-commerce and payment acceptance solutions for small- and mid-sized merchants, announced today 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 ("Common Stock") (or pre-funded warrants in lieu of shares of Common Stock) and warrants to purchase up to 4,545,455 shares of Common Stock ("Warrants"), at a purchase price of $5.50 per share of Common Stock (or pre-funded warrant) 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.

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