Document Security Systems, Inc. Announces Exercise of Full Over-Allotment Option by Underwriter in Public Offering
July 10 2020 - 4:35PM
Document Security Systems, Inc. (NYSE American: DSS) a leader in
anti-counterfeit, authentication and diversion protection
technologies, today announced the underwriter of its previously
announced public offering of 1,028,800 common shares, has exercised
its full over-allotment option to purchase an additional 154,320
common shares of the Company. The price to the public in the
offering was $6.25 per share and the gross proceeds to the Company
from the exercise of the over-allotment option were approximately
$964,500 before deducting underwriting discounts and commissions
and other estimated offering expenses. The Company intends to use
the net proceeds from this offering to fund development and growth
of new business lines and acquisition opportunities, general
corporate and working capital needs.
The total gross proceeds, including the full exercise of the
over-allotment option, will be approximately $7.39 million from the
public offering.
Aegis Capital Corp. acted as sole bookrunner for the
offering.
This offering was made pursuant to an effective registration
statement on Form S-3 (File No. 333-230740) previously filed with
the U.S. Securities and Exchange Commission (the "SEC") and
declared effective by the SEC on May 8, 2019. A final prospectus
describing the terms of the proposed offering has been filed with
the SEC and will be available on the SEC's website located
at http://www.sec.gov.
Electronic copies of the final prospectus may be obtained by
contacting Aegis Capital Corp., Attention: Syndicate Department,
810 7th Avenue, 18th floor, New York, NY 10019, by email
at syndicate@aegiscap.com, or by telephone at (212)
813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Document Security Systems, Inc.
DSS is a multinational company operating businesses focused on
brand protection technology, blockchain security, direct marketing,
healthcare, real estate, and securitized digital assets. Its
business model is based on a distribution sharing system in which
shareholders will receive shares in its subsidiaries as DSS
strategically spins them out into IPO's. Its historic business
revolves around counterfeit deterrent and authentication
technologies, smart packaging, and consumer product engagement. DSS
is led by its Chairman and largest shareholder, Mr. Fai Chan, a
highly successful global business veteran of more than 40 years
specializing in corporate transformation while managing risk. He
has successfully restructured more than 35 corporations with a
combined value of $25 billion.
For more information on DSS
visit http://www.dsssecure.com.
Investor Contact:
Dave Gentry, CEO RedChip Companies Inc. 407-491-4498
Dave@redchip.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include, but are not limited to,
statements related to the Company's ability to complete the
financing, its intended use of proceeds and other statements that
are not historical facts. Forward-looking statements are based on
management's current expectations and are subject to risks and
uncertainties that may cause actual results or events to differ
materially from those projected. These risks and uncertainties,
many of which are beyond our control, include: the risk that the
public offering of common stock may not close; risks relating to
our growth strategy; our ability to obtain, perform under and
maintain financing and strategic agreements and relationships;
risks relating to the results of development activities; our
ability to attract, integrate and retain key personnel; our need
for substantial additional funds; patent and intellectual property
matters; competition; as well as other risks described in the
section entitled "Risk Factors" in the prospectus and in our other
filings with the SEC, including, without limitation, our reports on
Forms 8-K and 10-Q, all of which can be obtained on the SEC website
at www.sec.gov. Readers are cautioned not to place undue reliance
on the forward-looking statements, which speak only as of the date
on which they are made and reflect management's current estimates,
projections, expectations and beliefs. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
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