The OLB Group Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure To Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
Reference is made to that certain Current Report on Form 8-K filed by The OLB Group, Inc. (the “Company”) on May 19, 2023 with the Securities and Exchange Commission disclosing that the Company had received a letter from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with certain of the continued listing rules of Nasdaq. Specifically, the Staff notified the Company that the bid price of the Company’s common stock had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, the Company did not comply with Listing Rule 5550(a)(2) (the “Bid Price Rule”). On May 14, 2024, having not regained compliance with the Bid Price Rule, the Company received a letter from the Staff notifying the Company that, unless the Company timely requests a hearing, the Company’s common stock would be subject to delisting.
However, on May 17, 2024, the Company received an additional letter from the Staff indicating that for the last 10 consecutive business days, from May 6, 2024 to May 17, 2024, the closing bid price for the Company’s common stock has been at $1.00 per share or greater. Accordingly, the Staff has deemed that the Company has regained compliance with the Bid Price Rule and they consider this matter closed. Therefore, the Company will not be required to request a hearing with the Staff and its shares of common stock will continue to be listed on Nasdaq.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 20, 2024
| THE OLB GROUP | ||
| By: | /s/ Ronny Yakov | |
| Name: | Ronny Yakov | |
| Title: | Chief Executive Officer | |
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