Deal settles with investor Fletcher International at $5.29 per share
By Devika Patel
Knoxville, Tenn., Jan. 3 - Document Security Systems, Inc. said it completed a private placement of stock. The deal raised $4 million.
The company sold common shares at $5.29 per share to Fletcher International, Ltd. The price per share reflects a 1.86% discount to the Dec. 31 closing share price of $5.39.
Fletcher also received warrants and may make an additional $4 million equity investment during the early part of 2011.
Wm Smith & Co. was the agent.
"This funding provides us with the additional resources necessary to leverage our new strategic relationships, improve our working capital position, expand our sales and marketing presence, accelerate our digital product development, and continue pursuing the tremendous market opportunities that we have identified as part of our growing business model," chief executive officer Patrick White said in a press release.
Based in Rochester, N.Y., Document Security develops technologies used to detect counterfeit documents and currency.
| Issuer: | Document Security Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $4 million
|
| Price: | $5.29
|
| Warrants: | Yes
|
| Agent: | Wm Smith & Co.
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| Investor: | Fletcher International, Ltd.
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| Settlement date: | Jan. 3
|
| Stock symbol: | Amex: DMC
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| Stock price: | $5.39 at close Dec. 31
|
| Market capitalization: | $100.63 million
|
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