OLB Group Announces Public S-1 Filing for Proposed Spin-off of DMint, a Wholly Owned Bitcoin Mining Subsidiary
Rhea-AI Summary
OLB Group, Inc. (Nasdaq:OLB), a diversified FinTech e-commerce and business management solutions provider, has announced the filing of a Form S-1 with the SEC for the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility. OLB shareholders of record on a yet-to-be-announced date will receive shares in the newly independent DMint.
DMint operates a dedicated Bitcoin mining facility in Selmer, TN, focusing on sustainability and efficiency. The spinoff aims to provide shareholders with direct exposure to the cryptocurrency sector. DMint employs advanced technology and energy-efficient strategies to enhance mining productivity while minimizing environmental impact.
OLB views this S-1 filing as a significant milestone in the spinoff process, demonstrating its commitment to delivering value to shareholders through innovative strategies in the digital currency space.
Positive
- OLB Group is spinning off its Bitcoin mining subsidiary DMint, potentially creating value for shareholders
- DMint operates with a focus on sustainability and efficiency in Bitcoin mining
- The spinoff may provide shareholders with direct exposure to the cryptocurrency sector
Negative
- The record date for the spinoff has not been determined, creating uncertainty for shareholders
News Market Reaction
On the day this news was published, OLB declined 6.36%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Shareholders of Record Date for DMint Stock Dividend to Be Announced at Later Date
NEW YORK, NY / ACCESSWIRE / October 21, 2024 / OLB Group, Inc. (Nasdaq:OLB), a diversified FinTech e-commerce and business management solutions provider, announced today it has filed a Form S-1 with the Securities and Exchange Commission (the "SEC"), relating to the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility, to OLB shareholders. Shareholders of record on the to-be-announced date will receive shares in the newly independent DMint. The shareholder record date for the spinoff has yet to be determined and will be announced at a future date.
DMint operates as a dedicated Bitcoin mining facility in Selmer, TN with a focus on sustainability and efficiency. The spinoff will allow DMint to operate independently, providing shareholders with direct exposure to the fast-evolving cryptocurrency sector. The company employs advanced technology and energy-efficient strategies to enhance mining productivity while minimizing environmental impact.
We believe the public filing of the S-1 represents a significant milestone in the spinoff process, underscoring OLB's commitment to delivering value to its shareholders through innovative strategies and cutting-edge ventures in the digital currency space.
For more information about DMint, please visit www.dmint.com. Included the link of the S-1 public filling: https://www.sec.gov/Archives/edgar/data/1996450/000121390024089099/ea0217748-s1_dmint.htm
About OLB Group, Inc.
OLB Group, Inc. is a diversified FinTech company with a portfolio of integrated business management and e-commerce platforms, providing merchants with seamless payment processing, digital commerce, and financing solutions. The Company also is in the regulatory process of spinning off its wholly-owned OLB offers a suite of services that include cloud-based business solutions, proprietary merchant services, and secure payment processing, catering to a wide range of industries, including retail, restaurants, and hospitality. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to thousands of merchants in all 50 states. The OLB Group, Inc. has recently expanded into the rapidly expanding "unbanked and under banked" market sector. For more information about OLB Group, visit www.olb.com.
Forward-Looking Statements
This press release includes information that constitutes forward-looking statements within the meaning 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 are based on the Company's current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the proposed spinoff of DMint described herein and are characterized by future or conditional words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate" and "continue" or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.
By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee's ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries - particularly industries with heightened cash reporting obligations and restrictions - as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These and other risk factors affecting the Company are discussed in detail in the Company's periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws
Contact Information:
OLB Group Investor Relations
Rick Lutz
ir@OLB.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
View the original press release on accesswire.com
FAQ
What is OLB Group's plan for its Bitcoin mining subsidiary DMint?
Where is DMint's Bitcoin mining facility located?
How does DMint approach Bitcoin mining operations?
When will OLB Group announce the record date for the DMint stock dividend?
