Company intends to sell stock through bookrunner National Securities
By Devika Patel
Knoxville, Tenn., Dec. 23 – Document Security Systems, Inc. said it priced a $1.49 million public sale of stock with a $222,750 greenshoe. The deal was announced Monday.
The company will sell 3.3 million common shares at $0.45 apiece. The per-share purchase price is a 4.26% discount to the closing share price of $0.47 on Dec. 22.
National Securities Corp. is the bookrunning manager.
Settlement is expected Dec. 29.
Proceeds will be used for working capital and other general corporate purposes.
Document Security was once a Rochester, N.Y., developer of security systems to protect documents from unauthorized scanning, copying and digital imaging. Prior to 2006, its primary revenue source was derived from licensing its technology.
In 2006, its mission changed to producing products for end-user customers. In 2013, the company merged with DSS Technology Management, Inc., an intellectual property monetization company focused on acquiring or developing patents or other intellectual property assets to monetize through a variety of initiatives, such as licensing, customized technology solutions – such as applications for medical electronic health records, strategic partnerships and litigation.
| Issuer: | Document Security Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $1,485,000
|
| Greenshoe: | $222,750
|
| Shares: | 3.3 million
|
| Price: | $0.45
|
| Warrants: | No
|
| Bookrunner: | Aegis Capital Corp.
|
| Announcement date: | Dec. 22
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Stock symbol: | NYSE: DSS
|
| Stock price: | $0.47 at close Dec. 22
|
| Market capitalization: | $23.76 million
|
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