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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DSS Inc | AMEX:DSS | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0578 | -3.38% | 1.6504 | 1.72 | 1.68 | 1.68 | 4,061 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 12, 2019
DOCUMENT SECURITY SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
New York | 001-32146 | 16-1229730 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
200 Canal View Boulevard Suite 300 Rochester, NY |
14623 | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (585) 325-3610
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Ticker symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.02 par value per share | DSS | The NYSE American LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 1.01 Entry into a Material Definitive Agreement
The disclosure set forth below in Item 2.03 is incorporated in its entirety into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On June 12, 2019, Premier Packaging Corporation (“Premier”), a wholly-owned subsidiary of Document Security Systems, Inc. (the “Company”), entered into a Change In Terms Agreement (the “CIT Agreement”) with Citizens Bank N.A. (“Citizens”), extending and revising an existing $800,000 Revolving Line Note originally entered into by the parties on July 26, 2011, and later modified pursuant to a Loan Modification Agreement dated April 28, 2015 (collectively, the “Revolving Line Note”).
The CIT Agreement extends the maturity of the Revolving Line Note to May 31, 2020, and limits the amount of cash that Premier may advance, loan or distribute, including to the Company, to $400,000 annually, rather than the previous limitation of $100,000 per quarter. All other terms and conditions of the Revolving Line Note remain the same.
The form of CIT Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing summary description of the terms of the Agreement is qualified in its entirety by reference to the full text of such exhibit.
Item 9.01 Financial Statements and Exhibits
(d) | Exhibits |
Exhibit No. | Description | |
10.1 | Form of Change In Terms Agreement between Premier Packaging Corporation and Citizens Bank N.A., dated June 12, 2019. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
DOCUMENT SECURITY SYSTEMS, INC. | ||
Dated: June 14, 2019 | By: | /s/ Frank D. Heuszel |
Name: | Frank D. Heuszel | |
Title: | Chief Executive Officer and Interim Chief Financial Officer |
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