ROCHESTER, N.Y., May 24, 2016 /PRNewswire/ -- Document Security
Systems, Inc. (NYSE MKT: DSS) announced today that NYSE Regulation
has accepted DSS's plan to regain compliance with the NYSE MKT
exchange's continued listing standards set forth in Section
1003(a)(ii) of the NYSE MKT Company Guide (the "Company Guide") by
October 2, 2017, subject to periodic
review by the NYSE MKT for compliance with the initiatives set
forth in the plan. If DSS is not in compliance with the continued
listing standards by October 2, 2017,
or if it does not make progress consistent with the plan during the
plan period, the NYSE Regulation staff may initiate delisting
proceedings as appropriate.
As previously reported by DSS in a Form 8-K filed on
April 7, 2016, DSS was previously
notified by NYSE MKT that it was not in compliance with the
stockholders' equity continued listing standards set forth in
Section 1003(a)(ii) of the Company Guide. In order to maintain its
listing, DSS was required to submit a plan of compliance by
May 2, 2016 addressing how it intends
to regain compliance with Section 1003(a)(ii) of the Company Guide
by October 2, 2017, which it did in
due course.
Also, as previously reported in a Current Report on Form 8-K
filed on March 18, 2016, the Company
was previously notified by NYSE MKT that the Company was not in
compliance with the continued listing standards set forth in
Section 1003(f)(v) of the Company Guide due to the average selling
price of the Company's common stock falling below the acceptable
minimum required average share price. Included in the Company's
plan to regain compliance is a proposed reverse stock split, which
NYSE MKT has stated must be implemented no later than September 15, 2016. The Company has proposed a
1-for-4 reverse stock split for approval at its upcoming annual
meeting of stockholders to be held on June
28, 2016.
The NYSE MKT notice has no immediate impact on the listing of
DSS's common stock, which will continue to trade on the NYSE MKT
exchange under the symbol "DSS" subject to periodic review by the
NYSE MKT. The listing of DSS's common stock on the NYSE MKT is
being continued pursuant to an extension during the plan
period.
About DSS
Document Security Systems, Inc.'s (NYSE MKT: DSS) products and
solutions are used by governments, corporations and financial
institutions to defeat fraud and to protect brands and digital
information from the expanding world-wide counterfeiting problem.
DSS technologies help ensure the authenticity of both digital and
physical financial instruments, identification documents, sensitive
publications, brand packaging and websites.
For More Information on DSS, contact:
Investor Relations
Document Security Systems, Inc.
(585) 325-3610
Email: ir@documentsecurity.com
Forward-Looking Statements
Forward-looking statements that may be contained in this
press release, including, without limitation, statements related to
the Company's plans, strategies, objectives, expectations,
potential value, intentions and adequacy of resources, are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act and contain words such as "believes,"
"anticipates," "expects," "plans," "intends" and similar words and
phrases. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the results projected in any forward-looking statement. In
addition to the factors specifically noted in the forward-looking
statements, other important factors, risks and uncertainties that
could result in those differences include, but are not limited to,
the Company's ability to regain compliance with the listing
standards of the NYSE MKT, the outcomes of any of the Company's
litigation, its ability to raise capital, and those risks and
uncertainties disclosed in the "Risk Factors" section of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2015, filed with the
Securities and Exchange Commission. Forward-looking statements that
may be contained in this press release are being made as of the
date of its release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
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SOURCE Document Security Systems, Inc.