Document Security Systems Closes $3.4 Million Underwritten Public Offering of Common Stock
July 31 2020 - 1:09PM
Document Security Systems, Inc. (NYSE American:
DSS) (the “Company”), a multinational company operating
businesses focused on brand protection technology, blockchain
security, direct marketing, healthcare, real estate, and
securitized digital assets,
today announced
that it has completed an underwritten public offering of 453,333
shares of its common stock at a price of $7.50 per share, for gross
proceeds to the Company of $3.4 million, before deducting
underwriting discounts and other offering expenses. The Company
intends to use the proceeds to fund growth of their new business
lines, acquisition opportunities, and general corporate and working
capital.
In addition, the Company has granted the underwriter a 45-day
option to purchase up to an additional 38,533 shares of common
stock offered in the public offering to cover over-allotments, if
any.
Aegis Capital Corp. acted as the sole book-running
manager for the offering.
This offering was made pursuant to an effective shelf
registration statement on Form S-3 (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 supplement relating to the offering was filed with the
SEC and is 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
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 IPOs. 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, CEORedChip
Companies Inc.407-491-4498Dave@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 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: 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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