DSS, Inc.’s Subsidiary, Impact BioMedical Inc., Announces Strategic Merger

NEW YORK, June 24, 2025 (GLOBE NEWSWIRE) -- DSS, Inc. (NYSE American: DSS) (“DSS” or the “Company”), a multinational company operating across diverse industries including packaging, wealth management, and biohealth innovation, today announced that its subsidiary, Impact BioMedical Inc. (“Impact”), has entered into a definitive merger agreement (the “Merger Agreement”) with Dr. Ashleys Limited (“Dr. Ashleys”), a global pharmaceutical company.

Under the terms of the agreement, Dr. Ashleys will acquire Impact through a reverse merger that will result in a newly formed combined entity (the “PubCo”) traded on the NYSE American under the name “Dr Ashleys Limited.”

This strategic transaction marks an important milestone not only for Impact, but also for DSS, as it reflects a successful outcome in the overall Company strategy to unlock value across the portfolio and for its shareholders by advancing key subsidiaries toward independent public listings and/or other exit opportunities.

Strategic Rationale

The combination of Dr. Ashleys’ extensive pharmaceutical manufacturing and commercialization capabilities with Impact BioMedical’s innovation-driven platform positions the combined company to accelerate the development of groundbreaking therapies.

Under the terms of the Merger Agreement, a series of conversion and equity alignment actions are contemplated to simplify ownership and strengthen DSS’s strategic position in the newly formed public entity (“PubCo”) immediately prior to closing. This includes the conversion of Impact’s Series A Preferred Stock, the exercise of DSS’s debt-to-equity rights under its promissory note, and the cancellation of in-the-money Impact options and warrants for Impact shares. These shares, including those held by DSS, will be converted into PubCo ordinary shares, representing 4.80% of the combined company’s total outstanding shares at closing.

For DSS, this transaction extends its equity interest to a larger, globally positioned pharmaceutical company. It offers an opportunity to participate in the growth potential of a public entity with a portfolio of intellectual property, R&D capabilities, and international market reach.

“This transaction reflects our continued commitment to unlocking shareholder value through the strategic development and monetization of our subsidiaries,” said Jason Grady, CEO of DSS, Inc. “We believe the combination of Impact’s disruptive pipeline with Dr. Ashleys’ global infrastructure and commercial expertise will establish a robust, scalable biopharmaceutical platform. It further validates our strategy of creating long-term value by preparing our key assets for public market growth.”