DSS - DSS Inc. Subsidiary Files Current Report on Form 8-K Disclosing Reverse Split of Outstanding and Issued Common Stock and Conversion of Certain Holder's Common Stock | Benzinga
NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- DSS, Inc. (NYSE:DSS) announced today that Impact BioMedical Inc. ("Impact") filed a Current Report on Form 8-K with the Securities and Exchange Commission on November 6, 2023, disclosing that Impact effected a reverse stock split of its issued and outstanding common stock by a ratio of 1 for 55. Impact did not effectuate a reverse split of its authorized capital stock and no amendment to the articles of incorporation or bylaws was made. Impact received approval from its majority stockholder and the Company's Board of Directors to effectuate the reverse split.
In addition to the reverse split, Impact's Form 8-K discloses DSS BioHealth Security, Inc.'s, ("DBH") conversion of substantially all of its 87.5% common stock equity interest in Impact into an equivalent number of Series A Convertible Preferred Stock. The Series A Convertible Preferred Stock can be converted back to Impact Biomedical common stock 75 days after October 31, 2023.
DBH has voluntarily removed itself from receiving any future dividends from earnings, enhancing greater return potential to the remaining Impact common stock equity holders, as currently only the holders of common ...