OLB Group Inc (NASDAQ:OLB) shares are trading higher by 16% to $0.50 during Thursday's session. The company announced its shareholders approved a 1-for-10 reverse split.
The split will be effective May 6. This means that every ten pre-split shares of common stock will be combined into one share. The company's issued and outstanding common stock will be reduced from approximately 18.1 million shares to around 1.8 million shares.
OLB says the purpose of the reverse split is to increase the market price per share to maintain its Nasdaq listing. No fractional shares will be issued, and any resulting fractional shares will be converted into cash.
How To Buy OLB Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in OLB Group's case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, OLB has a 52-week high of $1.17 and a 52-week low of $0.28.