Investors buy 9,214,978 common shares, warrants for 1,842,995 shares
By Devika Patel
Knoxville, Tenn., Oct. 23 – Document Security Systems, Inc. completed a $150,000 tranche of a $2.03 million registered direct offering of stock on Oct. 21, according to an 8-K and prospectus supplement filed Thursday with the Securities and Exchange Commission. The deal raised $500,000 on Sept. 15 and Sept. 17.
The company is selling 9,214,978 common shares. The price per share, of $0.22, is a 10% premium to the Sept. 14 closing share price of $0.20.
Investors also will receive warrants for 1,842,995 shares. The warrants are each exercisable at $0.40 for four years. The strike price is a 100% premium to the Sept. 18 closing price.
Document Security sold 2,272,727 shares in the first tranche with warrants for 454,547 shares. It sold 681,818 shares in the second tranche, with warrants for 136,364 shares.
Proceeds will be used for working capital and general corporate purposes.
Document Security is a Rochester, N.Y., developer of security systems to protect documents from counterfeiting.
| Issuer: | Document Security Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,027,295
|
| Shares: | 9,214,978
|
| Price: | $0.22
|
| Warrants: | For 1,842,995 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.40
|
| Settlement dates: | Sept. 15 and Sept. 17 (for $500,000), Oct. 21 (for $150,000)
|
| Stock symbol: | NYSE: DSS
|
| Stock price: | $0.20 at close Sept. 14
|
| Market capitalization: | $10.9 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
