By Devika Patel
Knoxville, Tenn., July 1 - Document Security Systems, Inc. arranged to raise $2 million in two private placements of stock, which priced and settled on June 25, according to an 8-K filed with the Securities and Exchange Commission Tuesday.
The company will sell 500,000 common shares total at $4.00 per share to Walton Invesco, Inc. At pricing, the company sold 150,000 shares for $600,000 under the first deal and 350,000 shares for $1.4 million in the second deal, in which $100,000 was paid immediately and the remaining $1.3 million will be paid over two years in installments.
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: | $2 million
|
| Shares: | 500,000
|
| Price: | $4.00
|
| Warrants: | No
|
| Investor: | Walton Invesco, Inc.
|
| Pricing date: | June 25
|
| Settlement date: | June 25
|
| Stock symbol: | Amex: DMC
|
| Stock price: | $4.99 at close June 25
|
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