DSS, Inc. Announces Reverse Split as Part of NYSE American Compliance Plan
December 22 2023 - 4:30PM
DSS, Inc. (NYSE American: DSS, “Company”), a multinational company
operating nine (9) diversified business lines developed through
strategic acquisitions to build shareholder value through periodic
spinoffs to its shareholders, today announced that it will proceed
with a 1-for-20 reverse stock split (the “Reverse Split”) of its
issued and outstanding shares of common stock, par value $0.02,
following authorization by its Board of Directors and majority
shareholders to effect a reverse split by a ratio of not less than
1-for-20 and not more than 1-for-40 (the “Reverse Split Range”), at
any time on or before April 20, 2024, with the Board having the
discretion as to whether or not the Reverse Split is to be
effected, and with the exact ratio to be set at a whole number
within the Reverse Split Range as determined by the Chief Executive
Officer in his discretion.
The Reverse Split will be effective on January
4, 2024 and will begin trading on a post-split basis at the market
open on January 5, 2024. In conjunction with the Reverse Split, the
CUSIP number will be changed to 26253C 201. There will be no change
to the par value of the Company’s common stock. The Reverse Split
will affect all stockholders uniformly and will not affect any
stockholder's ownership percentage of the Company's shares with the
exception of those holders of fractional shares. No fractional
shares will be issued in connection with the Reverse Split. The
Company will issue one whole share of common stock to any
stockholder who would have been entitled to receive a fractional
share of common stock due to the Reverse Split. Each holder of
common stock will hold the same percentage of the outstanding
common stock immediately following the Reverse Split as that
stockholder did immediately before the Reverse Split, except for
adjustments due to the additional net share fraction that will need
to be issued as a result of the treatment of fractional shares.
The Company’s transfer agent, Equiniti Trust
Company, LLC, is acting as the exchange agent for the Reverse Split
and will send instructions to stockholders of record who hold stock
certificates regarding the exchange of their old certificates for
new certificates, should they wish to do so. Stockholders who hold
their shares in brokerage accounts or “street name” are not
required to take any action to effect the exchange of their
shares.
As previously disclosed, the Company received a
letter from the New York Stock Exchange American notifying it that
its stock has been selling for a low price per share for a
substantial period of time and the Company’s continued listing is
predicated on it effecting a reverse stock split of its common
stock, par value $0.02 or otherwise demonstrating sustained price
improvement within a reasonable period of time, which the staff of
the New York Stock Exchange American determined to be no later than
April 20, 2024.
About DSS, Inc.
DSS is a multinational company operating businesses within nine
(9) divisions: Product Packaging, Biotechnology, Commercial
Lending, Securities and Investment Management, Alternative Trading,
Digital Transformation, Secure Living, and Alternative Energy. DSS
strategically acquires and develops assets to increase shareholder
value through periodic IPO spinoffs. Since 2019, under the guidance
of new leadership, DSS has built the necessary foundation for
achievable growth through the formation of a diversified portfolio
of companies positioned to drive profitability in multiple
high-growth sectors.
For more information on DSS
visit https://www.dssworld.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 our SEC filings, including, without limitation, our
reports on Forms 8-K, 10-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.
Contact:DSS Inc. Investor RelationsIR@dssworld.com+1 (585)
565-2422
DSS (AMEX:DSS)
Historical Stock Chart
From Mar 2024 to Apr 2024
DSS (AMEX:DSS)
Historical Stock Chart
From Apr 2023 to Apr 2024