Document Security Systems, Inc. Prices $4 Million Underwritten Public Offering of Common Stock
ROCHESTER, N.Y., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), a leader in anti-counterfeit, authentication and diversion protection technologies, today
announced the pricing of an underwritten public offering of 22,222,223 shares of the Company’s common stock at a price of $0.18 per share, with gross proceeds to the Company expected to be
approximately $4 million 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 of new business lines, to upgrade machinery and facilities, to service remaining commitments under the IP monetization business and for strategic growth initiatives, including possible
acquisitions or investments in complementary businesses, products, services, technologies or assets, as well as for working capital and general corporate purposes. Heng Fai Ambrose Chan, the
Chairman of the Company’s Board of Directors, purchased $2 million of shares in the offering.
The Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock offered in the public offering to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about February 25, 2020, subject to customary closing conditions.
Aegis Capital Corp. is acting as sole bookrunner for the offering.
This offering is being 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 will be 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, when available, may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at email@example.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their entirety the prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus, which provide more information about the Company and such offering.
Document Security Systems Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de