Document Security Systems (DSS) Announces Effectiveness of 1-for-4 Reverse Stock Split
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Document Security Systems (NYSE: DSS) disclosed the following on Friday:
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change to Fiscal Year
On August 25, 2016, Document Security Systems, Inc. (the “Company”) amended the Certificate of Incorporation of the Company under Section 805 of the New York Business Corporation Law pursuant to a Certificate of Amendment (the “Amendment”) filed with the Secretary of State of the State of New York. The Amendment, which, as previously reported, was approved by the stockholders at the Company’s Annual Meeting on July 19, 2016, affected a 1-for-4 reverse stock split of the Company’s common stock, effective at the close of business (Eastern Time) on August 25, 2016 (the “Effective Time”). No fractional shares of the Company’s common stock will be issued as a result of the reverse stock split. Instead, stockholders of record who otherwise would be entitled to receive fractional shares will be entitled to a rounding up of their fractional share to the nearest whole share, except in the case of any stockholder that owns less than four shares of the Company’s common stock immediately preceding the Effective Time of the reverse stock split. In such case, such stockholder will receive cash for such fractional share in an amount equal to the product obtained by multiplying: (x) the closing sale price of the common stock on August 25, 2016 as reported on the NYSE MKT, by (y) the amount of the fractional share.
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