Document Security Systems, Inc. Closes $50.025 Million Public Offering of Common Stock Including Exercise of the Over-Allotme...
June 17 2021 - 9:46AM
Document Security Systems, Inc. (NYSE American: DSS) (the
“Company”), a multinational company operating businesses focusing
on brand protection technology, blockchain security, direct
marketing, healthcare, consumer packaging, real estate, renewable
energy, and securitized digital assets, today announced the closing
of an underwritten public offering as well as the simultaneous
exercise of the underwriter’s over-allotment option for total gross
proceeds to the Company of $50.025 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses payable by the Company.
The Company issued 29,000,000 shares of the
Company’s common stock and 4,350,000 additional shares from the
exercise of the underwriter’s option at the public offering price
of $1.50 per share. The Company intends to use the net proceeds
from this offering, together with their existing cash, to fund the
development and growth of new business lines, acquisition
opportunities, and general corporate and working capital needs.
Aegis Capital Corp. acted as sole bookrunner for the
offering.
The shares of common stock were offered pursuant
to a shelf registration statement on Form S-3 (File No.
333-256446), which was declared effective by the Securities and
Exchange Commission (the "SEC") on June 7, 2021. A final prospectus
supplement describing the terms of the offering, together with the
accompanying prospectus, 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 a solicitation of an offer to buy these securities, 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.
DSS is a multinational company operating
businesses focused on brand protection technology, blockchain
security, direct marketing, healthcare, consumer packaging, real
estate, renewable energy, 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.
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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