DSS, Inc. Subsidiary Files Current Report on Form 8-K Disclosing Reverse Split of Outstanding and Issued Common Stock and Conversion of Certain Holder’s Common Stock
November 08 2023 - 7:31AM
DSS, Inc. (NYSE American: DSS) announced today that Impact
BioMedical Inc. (“Impact”) filed a Current Report on Form 8-K with
the Securities and Exchange Commission on November 6, 2023,
disclosing that Impact effected a reverse stock split of its issued
and outstanding common stock by a ratio of 1 for 55. Impact did not
effectuate a reverse split of its authorized capital stock and no
amendment to the articles of incorporation or bylaws was made.
Impact received approval from its majority stockholder and the
Company’s Board of Directors to effectuate the reverse split.
In addition to the reverse split, Impact’s Form
8-K discloses DSS BioHealth Security, Inc.’s, (“DBH”) conversion of
substantially all of its 87.5% common stock equity interest in
Impact into an equivalent number of Series A Convertible Preferred
Stock. The Series A Convertible Preferred Stock can be converted
back to Impact Biomedical common stock 75 days after October 31,
2023.
DBH has voluntarily removed itself from
receiving any future dividends from earnings, enhancing greater
return potential to the remaining Impact common stock equity
holders, as currently only the holders of common of Impact are
eligible for any potential dividend distributions.
Frank Heuszel, CEO of DSS, Inc., said, “By
converting DBH’s common equity interest into preferred stock,
Impact has increased value for Impact’s existing shareholders and
the loyal DSS, Inc. shareholders who received the Impact shares
through a dividend distribution.”
Heuszel continued, “Existing Impact common
stockholders, who previously held approximately 12% of the
outstanding common stock of Impact, will now hold approximately 88%
of the company’s common stock shares.”
About DSS, Inc.
DSS is a multinational company operating businesses within nine
(9) divisions: Product Packaging, Biotechnology, Commercial
Lending, Securities and Investment Management, Alternative Trading,
Digital Transformation, Secure Living, and Alternative Energy. DSS
strategically acquires and develops assets to increase shareholder
value through periodic IPO spinoffs. Since 2019, under the guidance
of new leadership, DSS has built the necessary foundation for
achievable growth through the formation of a diversified portfolio
of companies positioned to drive profitability in multiple
high-growth sectors.
For more information on DSS visit https://www.dssworld.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements include, but are not limited to,
statements related to the Company's intended use of proceeds and
other statements that are not historical facts. Forward-looking
statements are based on management's current expectations and are
subject to risks and uncertainties that may cause actual results or
events to differ materially from those projected. These risks and
uncertainties, many of which are beyond our control, include: risks
relating to our growth strategy; our ability to obtain, perform
under and maintain financing and strategic agreements and
relationships; risks relating to the results of development
activities; our ability to attract, integrate and retain key
personnel; our need for substantial additional funds; patent and
intellectual property matters; competition; as well as other risks
described in our SEC filings, including, without limitation, our
reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained
on the SEC website at www.sec.gov. Readers are cautioned not to
place undue reliance on the forward-looking statements, which speak
only as of the date on which they are made and reflect management's
current estimates, projections, expectations, and beliefs. We
expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations or any
changes in events, conditions, or circumstances on which any such
statement is based, except as required by law.
Contact:DSS Inc. Investor RelationsIR@dssworld.com +1 (585)
565-2422
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