NEW YORK - The OLB Group, Inc. (NASDAQ:OLB), a Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, has announced its expansion through the full acquisition of Black011.com and its associated mobile brands. The company, which services a growing number of bodegas, plans to introduce new products and services including pre-paid phone cards and credit cards by the end of the third quarter.
In addition, OLB Group is set to offer subsidies for low-income customers through the Affordable Connectivity Program (ACP) and is preparing to launch additional services for point of banking and bill payments in early 2025. The company's core business of merchant payment services is strengthened by the integration of point-of-sale systems and merchant boarding components into the Black011.com portal.
The expansion also includes a network of sport ticketing systems for minor league baseball teams, with eight teams already partnered and more to be announced. OLB Group's Omni Commerce platform, ShopFast™, is integrated with the latest technologies for mobile commerce, including fraud prevention and 3D Secure technology. OLBPay™, their billing and invoicing platform with AI components, is projected to launch by the fourth quarter of 2024.
OLB Group has also achieved full integration and certification of its SecurePay™ payment gateway with major payment processors and is providing stored credit card and wallet technology for recurring billings and contactless payments.
Regarding the spin-off of its Bitcoin mining subsidiary, DMint, Inc., OLB Group filed an updated registration statement on April 19, 2024, and is in the process of addressing SEC comments. The company will soon announce a Shareholder of Record date for the DMint stock dividend to OLB shareholders. Post-spin-off, DMint's business will be reported as a Divested Asset, and its liabilities will be removed from OLB's balance sheet upon distribution of shares.
Despite a revenue loss from the termination of merchant services of an acquired portfolio, which has been fully written off, OLB Group projects a revenue run rate of at least $15 million for fiscal 2024.
OLB Group is engaged in ongoing litigation with FFS Data and Clear Fork Bank over fraud claims and breach of contract related to an acquired merchant portfolio. The company seeks to recover its $16 million investment and other damages while writing off the FFS Portfolio.
The company emphasizes its commitment to success, with management actively buying shares and supporting the company financially. Currently, OLB Group carries no long-term liability.
This news article is based on a press release statement from The OLB Group, Inc.
In other recent news, The OLB Group, a Fintech company, has regained its compliance with Nasdaq's Listing Rule 5550(a)(2), which requires a minimum closing bid price of $1.00 per share. This development follows the company's decision to implement a reverse stock split of its common stock at a one-for-ten ratio, which was approved by shareholders and intended to increase the market price per share to comply with Nasdaq's listing requirements.
In addition to these significant financial maneuvers, OLB Group has been actively implementing its proprietary merchant boarding and customer relationship management system. The company is also rolling out its Omni Commerce and SecurePay applications to current merchants and integrating its secure payment gateway with its crowdfunding platform.
These recent developments reflect OLB Group's ongoing efforts to maintain its market compliance and financial stability. The company is also expanding its services for the "under banked" market and is in the process of spinning off a Bitcoin mining enterprise to its shareholders.
InvestingPro Insights
As The OLB Group, Inc. (NASDAQ:OLB) continues to expand its fintech and eCommerce portfolio, recent market data from InvestingPro provides a detailed snapshot of the company's financial health and stock performance. With a market capitalization of $5.21 million, OLB's size reflects its niche position in the market. However, the company's negative P/E ratio of -0.2 and adjusted P/E ratio for the last twelve months as of Q1 2024 of -0.43 suggest that profitability remains a challenge. This is further underscored by a gross profit margin of 16.68%, indicating potential struggles in maintaining profitability amidst its operations.
The stock's recent performance also highlights significant volatility, with a price drop of 37.77% over the last month and a steep decline of 72.64% year-to-date as of mid-2024. Investors should note that the stock is currently trading near its 52-week low, at 24.79% of the high, which could signal a potential buying opportunity for risk-tolerant investors, especially considering the InvestingPro Fair Value estimate of $4.73, significantly above the previous close of $2.9.
Among the multitude of InvestingPro Tips available, two particularly relevant tips for OLB Group are the stock's high price volatility and its performance over the last month. With the stock having fared poorly, these insights could be crucial for investors considering the company's stock. For those interested in a deeper dive into OLB Group's performance and potential, there are an additional 13 tips available on InvestingPro. To access these insights and more, visit https://www.investing.com/pro/OLB and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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