OLB Group Inc (NASDAQ:OLB) shares fell 28.93% to $0.29 in after-hours trading Tuesday after the company announced it suspended its at-the-market equity offering program and authorized a share repurchase program.
OLB Group is a financial technology company providing integrated payment processing and merchant services solutions.
ATM Suspended, Buyback Authorized
OLB suspended its ATM program effective immediately and will not sell shares under it, saying issuing equity at current prices does not serve shareholders, according to a press release. The company’s Board of Directors separately authorized the initial repurchase of up to 1 million shares of common stock. Repurchases may be made in the open market or through privately negotiated transactions, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The program does not obligate the company to purchase any specific number of shares or dollar amount and may be modified, suspended or discontinued at any time.
Stablecoin Strategy
OLB said it is focusing on digital-asset and stablecoin payment capabilities as an extension of its merchant services business, with a new partnership to be announced in the near future.
Trading Metrics, Technical Analysis
OLB Group has a market capitalization of approximately $9.80 million.
Over the past year, OLB Group shares have fallen 70.50%.
The stock has traded between a 52-week high of $1.80 and a 52-week low of $0.18.
Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames.
Price Action: In the regular session, OLB Group shares rose 117.85% to close at $0.41 on Tuesday.
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