Micro-cap payment facilitator OLB Group files amendment ahead of $6 million IPO

The OLB Group, a merchant acquirer with a suite of payment services, amended its prospectus ahead of its upcoming IPO on Monday. The company now plans to offer units with warrants attached.

The New York, NY-based company now plans to raise $6 million by offering 0.7 million units at $9, below the last reported sale price of its shares on the OTC Pink (OLBG). The company had previously filed to offer 0.7 million shares at $7.60. At the revised price, The OLB Group will raise 30% more in proceeds than previously anticipated to command a fully diluted market cap of $58 million. While the company's market cap is now greater than $50 million, OLB Group is ineligible for Renaissance Capital tracking due to the warrants attached to its offering.

The OLB Group was founded in 2004 and booked $10 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol OLB. Aegis Capital Corp. is the sole bookrunner on the deal.

The article Micro-cap payment facilitator OLB Group files amendment ahead of $6 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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