Document Security Systems, Inc. Enters into Letter of Intent To Acquire Impact Biomedical, Inc.
DSS, Inc. (DSS)
NASDAQ:AMEX Investor Relations:
dsssecure.com
Company Research
Source: GlobeNewswire
ROCHESTER, N.Y., March 12, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (DSS) (NYSE American: DSS), a leader in anti-counterfeit, authentication and diversion protection technologies, today announced that it has entered into a binding term sheet to (“Term Sheet”) acquire Impact Biomedical, Inc. (IMPACT), a company engaged in the development and marketing of biohealth security technologies, in a proposed share exchange transaction with a purchase price capped at $50 million, subject to completion of due diligence and an independent valuation. According to the terms of the Term Sheet between the parties, DSS will issue up to 14.5 M shares of common stock and a perpetual convertible preferred stock to which DSS will have certain customary rights and requirements, including appointing members of the Board of Directors of IMPACT. The preferred stock will be convertible at $0.216 per share and have a 19.9% blocker. The Term Sheet and closing conditions are subject to bo
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