Business Context and Reporting Period
This Form 8-K was filed by The OLB Group, Inc. on October 9, 2020, reporting an event that occurred on October 8, 2020. The company is incorporated in Delaware and its common stock trades on the NASDAQ Capital Market under the symbol "OLB".
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report focuses exclusively on regulatory compliance regarding stock listing standards.
Material Changes
The material change reported is a failure to maintain the minimum Market Value of Listed Securities (MVLS) required by NASDAQ Listing Rule 5550(b)(2). Specifically, the company failed to maintain an MVLS of $35 million for a period of 30 consecutive business days.
Outlook, Risks, and Management Commentary
- Grace Period: The company has been granted a 180-calendar day grace period, ending April 6, 2021, to regain compliance.
- Compliance Path: To regain compliance, the MVLS must close at $35 million or more for a minimum of 10 consecutive business days at any time during the grace period.
- Delisting Risk: If compliance is not achieved by the deadline, NASDAQ will issue a notice that the securities are subject to delisting.
- Appeal Process: In the event of a delisting notice, the company may appeal the determination, though there is no assurance the appeal will be granted.
- Trading Status: Common stock will continue to be listed and traded on the NASDAQ Capital Market during the grace period, provided other listing requirements are met.
Investor Verification Checklist
- Verify the current Market Value of Listed Securities (MVLS) to assess proximity to the $35 million threshold.
- Monitor the stock price and trading volume to determine if the 10-day consecutive compliance window can be achieved before April 6, 2021.
- Review subsequent filings for any updates on the company's compliance status or potential appeal proceedings.
- Confirm that the company continues to meet all other NASDAQ Capital Market continued listing requirements.