Current Report Filing (8-k)
June 14 2019 - 4:01PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
June 12, 2019
DOCUMENT
SECURITY SYSTEMS, INC.
(Exact
name of registrant as specified in its charter)
New
York
|
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001-32146
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16-1229730
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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200
Canal View Boulevard
Suite
300
Rochester,
NY
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14623
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
(585) 325-3610
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Ticker
symbol(s)
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Name
of each exchange on which registered
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Common
Stock, $0.02 par value per share
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DSS
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The
NYSE American LLC
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01 Entry into a Material Definitive Agreement
The
disclosure set forth below in Item 2.03 is incorporated in its entirety into this Item 1.01.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
June 12, 2019, Premier Packaging Corporation (“Premier”), a wholly-owned subsidiary of Document Security Systems,
Inc. (the “Company”), entered into a Change In Terms Agreement (the “CIT Agreement”) with Citizens Bank
N.A. (“Citizens”), extending and revising an existing $800,000 Revolving Line Note originally entered into by the
parties on July 26, 2011, and later modified pursuant to a Loan Modification Agreement dated April 28, 2015 (collectively, the
“Revolving Line Note”).
The
CIT Agreement extends the maturity of the Revolving Line Note to May 31, 2020, and limits the amount of cash that Premier may
advance, loan or distribute, including to the Company, to $400,000 annually, rather than the previous limitation
of $100,000 per quarter. All other terms and conditions of the Revolving Line Note remain the same.
The
form of CIT Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing summary description of the terms
of the Agreement is qualified in its entirety by reference to the full text of such exhibit.
Item
9.01 Financial Statements and Exhibits
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to
be signed on its behalf by the undersigned hereunto duly authorized.
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DOCUMENT SECURITY SYSTEMS, INC.
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Dated:
June 14, 2019
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By:
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/s/
Frank D. Heuszel
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Name:
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Frank D. Heuszel
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Title:
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Chief Executive Officer and Interim Chief Financial Officer
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