- The OLB Group ( NASDAQ: OLB ) has announced a stock repurchase program to buyback up to 1M shares of its outstanding shares of common stock.
- The transaction will be funded using existing cash balances. As of Mar. 31, 2022, the company had $4M cash on hand. The financial and transaction processing services firm projects positive cash flow by end of 2022.
- The program is expected to commence following the release of OLB's Q2 financial statements in August and has no set termination date.
- OLB Group CEO Ronny Yakov stated, "With no outstanding corporate debt and a, historically low, market valuation of 0.4 times projected 2022 revenue of $35M, the company sees an opportunity to reduce its shares outstanding at very attractive valuations."
- As of July 07, 2022, company market valuation was less than $14M and price to sales ratio was 0.4.
- OLB shares have popped over 16% pre-market
For further details see:
OLB Group stock gains on 1M stock repurchase plan