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DSS, Inc. (NYSE:DSS, "Company"))))), a multinational company operating nine (9) diversified business lines developed through strategic acquisitions to build shareholder value through periodic spinoffs to its shareholders, today announced that it will proceed with a 1-for-20 reverse stock split (the "Reverse Split") of its issued and outstanding shares of common stock, par value $0.02, following authorization by its Board of Directors and majority shareholders to effect a reverse split by a ratio of not less than 1-for-20 and not more than 1-for-40 (the "Reverse Split Range"), at any time on or before April 20, 2024, with the Board having the discretion as to whether or not the Reverse Split is to be effected, and with the exact ratio to be set at a whole number within the Reverse Split Range as determined by the Chief Executive Officer in his discretion.
The Reverse Split will be effective on January 4, 2024 and will begin trading on a post-split basis at the market open on January 5, 2024. In conjunction with the Reverse Split, the CUSIP number will be changed to 26253C 201. There will be no change to the par value of the Company's common stock. The Reverse Split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the Company's shares with the exception of those holders of fractional shares. No fractional shares will be issued in connection with the Reverse Split. The Company will issue one whole share of common stock to any stockholder who would have been entitled to receive a fractional share of common stock due to the Reverse Split. Each holder of common stock will hold the same percentage of the outstanding common stock immediately following the Reverse Split as that stockholder did immediately before the Reverse Split, except for adjustments due to the additional net share fraction that will need to be issued as a result of the treatment of fractional shares.
The Company's transfer agent, Equiniti Trust Company, LLC, is acting as the exchange agent for the Reverse Split and will send instructions to stockholders of record who hold stock certificates regarding the exchange of their old certificates for new certificates, should they wish to do so. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.
As previously disclosed, the Company received a letter from the New York Stock Exchange American notifying it that its stock has been selling for a low price per share for a substantial period of time and the Company's continued listing is predicated on it effecting a reverse stock split of its common stock, par value $0.02 or otherwise demonstrating sustained price improvement within a reasonable period of time, which the staff of the New York Stock Exchange American determined to be no later than April 20, 2024.
Posted In: DSS
