Document Security Systems, Inc. Closes $4.6 Million Underwritten Public Offering of Common Stock
February 25 2020 - 11:42AM
Document Security Systems, Inc. (NYSE American: DSS), a leader in
anti-counterfeit, authentication and diversion protection
technologies, today announced that it has completed an underwritten
public offering (the “Offering”) with gross proceeds of $4.6
million before deducting underwriting discounts and commissions and
other estimated offering expenses. The Offering included 22,222,223
shares of the Company’s common stock, and 3,333,333 additional
shares from the exercise of the underwriter’s purchase option to
cover over-allotments at the public offering price of $0.18 per
share. The Company intends to use the net proceeds from this
offering to fund development of new business lines, to upgrade
machinery and facilities, to service remaining commitments under
the IP monetization business and for strategic growth initiatives.
These include possible acquisitions or investments in complementary
businesses, products, services, technologies or assets, as well as
working capital and general corporate purposes.
Aegis Capital Corp. acted as sole bookrunner for the
offering.
The Offering was made pursuant to an effective registration
statement on Form S-1 (No. 333-236082) previously filed with the
U.S. Securities and Exchange Commission (the “SEC”) and declared
effective by the SEC on February 14, 2020. A final prospectus
describing the terms of the proposed offering has been 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, Inc.
For over 15 years, DSS has protected corporations, financial
institutions, and governments from sophisticated and costly fraud.
DSS' innovative anti-counterfeit, authentication, and brand
protection solutions are deployed to prevent attacks which threaten
products, digital presence, financial instruments, and
identification. AuthentiGuard(R), the company's flagship product,
provides authentication capability through a smartphone application
so businesses can empower a wide range of employees, supply chain
personnel, and consumers to track their brands and verify
authenticity. For more information on DSS visit
http://www.dsssecure.com.
Investor Contact:
Bret Shapiro CoreIR (516) 222-2560 ir@dsssecure.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 the section entitled “Risk Factors” and elsewhere in our
Annual Report on Form 10-K filed with the SEC on March 15, 2019 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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