The OLB Group, Inc. completed the acquisition of Crowd Ignition, Inc. from Ronny Yakov and John Herzog.
January 02, 2022
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The OLB Group, Inc. (NasdaqCM:OLB) agreed to acquire Crowd Ignition, Inc. from Ronny Yakov and John Herzog for $11.3 million on October 25, 2021. OLB Group would purchase 100% of the equity of Crowd Ignition in exchange for 1.32 million shares of the common stock, par value $0.0001 of OLB Group. The value of the shares was, for purposes of the Agreement, based on the closing trading price of the Company on October 1, 2021 (the date on which a third-party fairness opinion was issued), resulting in an aggregate purchase price for Crowd Ignition of $5.3 million. Board of Directors of The OLB Group, Inc. approved entry by the Company into a share exchange agreement. The transaction is subject to execution of the agreement and customary closing conditions. The transaction is expected to close by the end of November 2021.
The OLB Group, Inc. (NasdaqCM:OLB) completed the acquisition of Crowd Ignition, Inc. from Ronny Yakov and John Herzog on January 3, 2022.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. Its eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,300 merchants in diversified market sectors in all 50 states. Its business functions through three subsidiaries, eVance, Inc. (eVance), OmniSoft.io, Inc. (OmniSoft), and CrowdPay.Us, Inc. (CrowdPay). OmniSoft operates a cloud-based business management platform that provides turnkey solutions for merchants to enable them to build and manage their retail businesses. eVance provides competitive payment processing solutions to merchants, which enable merchants to process credit and debit card-based internet payments for sales of their products. CrowdPay.US operates a white label capital raising platform that targets small and midsized businesses seeking to raise capital. DMint, a subsidiary of the Company, is engaged in the mining of Bitcoin in Tennessee.