Document Security Systems slumps on discounted stock offering

DSS

21/02/2020 13:54

** Shares of Document Security Systems Inc  DSS.A , provider
of anti-counterfeit and authentication tech, down 31% at 24
cents premarket
    ** Stock set for its worst day in eight months
    ** DSS prices 22.2 mln shares at 18 cents per share, a 25%
discount stock's last close; raises gross proceeds of about $4
mln  urn:newsml:reuters.com:*:nGNXc3Grs2
    ** Chairman Heng Fai Ambrose Chan bought $2 mln of shares in
the offering - DSS
    ** The offering roughly matches DSS' free float of ~22.16
mln shares
    ** Underwriters have access to an additional 15% of the
offering; Aegis Capital Corp acted as sole bookrunner
    ** DSS plans to use a portion of the net proceeds to fund
development of new business lines, and to upgrade machinery and
facilities
    ** Up to Thursday's close, stock fell ~78% in the past year

 (Reporting by Bharath Manjesh in Bengaluru)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))