Document Security Systems (DSS) Prices $43.5 Million Public Offering of Common Stock at $1.50/sh

Document Security Systems, Inc. (NYSE American: DSS) (the “Company”), a multinational company operating businesses focusing on brand protection technology, blockchain security, direct marketing, healthcare, consumer packaging, real estate, renewable energy, and securitized digital assets, today announced the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $43.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.

The public offering equates to 29,000,000 shares of the Company’s common stock at a price of $1.50 per share. The Company intends to use the net proceeds from this offering, together with their existing cash, to fund the development and growth of new business lines, acquisition opportunities, and general corporate and working capital needs.

The Company has also granted the underwriters a 45-day option to purchase up to an additional 15% of shares of common stock offered in the public offering to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $50.0 million, if exercised in full.

Aegis Capital Corp. is acting as sole bookrunner for the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-256446), which was declared effective by the Securities and Exchange Commission (the "SEC") on June 7, 2021. A prospectus supplement relating to this offering will be filed by the Company with the SEC. Copies of the prospectus supplement relating to the offering, together with the accompanying prospectus, may be obtained when available on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010.

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