NEW YORK CITY, NY / ACCESSWIRE / February 27, 2025 / OLB Group, Inc. (NASDAQ:OLB) ("OLB" or the "Company"), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, issued the following status update on the Spin-off by the Company of its subsidiary, DMint, Inc., the OLB Group Shareholders'
Dear Shareholders,
Thank you for taking the time to read our letter and for your ongoing support of The OLB Group, Inc. We are aware that everyone has been anticipating the DMint spin-off and are wondering why it is taking so long and whether it will actually happen. We have decided to issue this letter to provide an update to our shareholders.
On Monday, February 24, 2025, the U.S. Securities & Exchange Commission Division of Corporation Finance Office of Crypto Assets indicated to us that they have no further comments at this time on our Registration Statement on Form S-1. However, the Registration Statement does remain subject to their review of the December 31, 2024 audited financial statements in a further amendment to the Registration Statement, which we plan to file prior to March 31, 2025.
Steps that have to happen to spin off DMint as a stand-alone company
File the December 31, 2024 audited financial statements.
Clear Nasdaq requirements.
Announce the official shareholder of record date for the distribution of shares.
Register to get instant updates on the progress of the spin-off at https://investors.dmint.com/
About DMint, Inc.
DMint, Inc. a Bitcoin mining enterprise and a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee, utilizing sustainable hydroelectric and solar power.
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to merchants in all fifty states. The MOOLA CLOUD platform has a distribution network of 31,600 convenient stores and bodegas.
For more information about DMint, Inc. and alerts and updates please register https://investors.dmint.com/
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning timing and expectation for consummating a spinoff of Dmint, the current status of the SEC review of the Registration Statement and the current status of Nasdaq's review. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. For other factors that may cause our actual events to differ from those that are expected, see the information under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual events. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
Contacts
DMint, Investor Relations
Rick Lutz
ir@Dmint.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
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