OLB Group Appoints New CFO, Files 8-K

TL;DR

OLB Group got a new CFO, Steven Schwalb, on April 26th. Big changes coming?

AI Summary

On April 26, 2024, The OLB Group, Inc. filed an 8-K report detailing several key events. The company announced the appointment of a new Chief Financial Officer, Mr. Steven D. Schwalb, effective April 26, 2024. Additionally, the filing included information regarding the submission of matters to a vote of security holders and financial statements.

Why It Matters

The appointment of a new CFO can signal strategic shifts or a focus on financial stability and growth for The OLB Group, Inc.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty and potential shifts in company strategy, impacting investor confidence.

Key Players & Entities

• OLB GROUP, INC. (company) — Registrant
• Steven D. Schwalb (person) — Newly appointed Chief Financial Officer
• April 26, 2024 (date) — Effective date of CFO appointment and earliest event reported

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value OLB Nasdaq Capital Market

Filing Documents

• ea0204763-8k_olb.htm (8-K) — 33KB
• ea020476301ex3-1_olb.htm (EX-3.1) — 6KB
• ea020476301ex99-1_olb.htm (EX-99.1) — 8KB
• 0001213900-24-038883.txt ( ) — 226KB
• olb-20240426.xsd (EX-101.SCH) — 3KB
• olb-20240426_lab.xml (EX-101.LAB) — 33KB
• olb-20240426_pre.xml (EX-101.PRE) — 22KB
• ea0204763-8k_olb_htm.xml (XML) — 4KB

03 Amendments to Articles of Incorporation or Bylaws;

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. The OLB Group, Inc. (the "Company") filed with the Delaware Secretary of State a Certificate of Amendment to Certificate of Incorporation (the "Certificate of Amendment") which became effective on April 26, 2024 to effect a one-for-ten (1:10) reverse stock split (the "Reverse Stock Split") of the shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") The Reverse Stock Split was approved by the Company's stockholders at a special meeting on April 26, 2024. As a result of the Reverse Stock Split, every ten (10) shares of issued and outstanding Common Stock will be automatically combined into one (1) issued and outstanding share of Common Stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split and any fractional shares resulting from the reverse stock split were rounded down to the nearest number of whole shares so that we will issue cash in lieu of any fractional shares that such stockholder would have received as a result of the Reverse Stock Split. Following the Reverse Stock Split, the number of shares of Common Stock outstanding was reduced from 18,103,462 shares to 1,810,346 shares. The shares of Common Stock underlying the Company's outstanding stock options and warrants will be similarly adjusted along with corresponding adjustments to their exercise prices. The number of authorized shares of Common Stock under the Certificate of Incorporation will remain unchanged at 50,000,000 shares. The Company's transfer agent, Transfer Online, is the exchange agent for the Reverse Stock Split and will correspond with stockholders of record regarding the Reverse Stock Split. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split. The Common Stock will begin trading on a reverse stock split-adjusted ba

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. At the Annual Meeting the stockholders of the Company approved the four proposals listed below. The final results for the votes regarding each proposal are set forth in the following tables. Each of these proposals is described in detail in the Company's Proxy Statement. 1. Approve the Amendment to the Company's Certificate of Incorporation. FOR AGAINST ABSTAIN BROKER NON-VOTE 9,839,680 1,476,774 51,151 0 Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Description 3.1 Certificate of Amendment to Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on April 26, 2024. 99.1 Press Release dated May 2, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 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 2, 2024 THE OLB GROUP By: /s/ Ronny Yakov Name: Title: Ronny Yakov Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR