ROCHESTER, N.Y., May 24, 2016 /PRNewswire/ -- Document Security Systems, Inc. (NYSE MKT: DSS) announced today that NYSE Regulation has accepted DSS's plan to regain compliance with the NYSE MKT exchange's continued listing standards set forth in Section 1003(a)(ii) of the NYSE MKT Company Guide (the "Company Guide") by October 2, 2017, subject to periodic review by the NYSE MKT for compliance with the initiatives set forth in the plan. If DSS is not in compliance with the continued listing standards by October 2, 2017, or if it does not make progress consistent with the plan during the plan period, the NYSE Regulation staff may initiate delisting proceedings as appropriate.
As previously reported by DSS in a Form 8-K filed on April 7, 2016, DSS was previously notified by NYSE MKT that it was not in compliance with the stockholders' equity continued listing standards set forth in Section 1003(a)(ii) of the Company Guide. In order to maintain its listing, DSS was required to submit a plan of compliance by May 2, 2016 addressing how it intends to regain compliance with Section 1003(a)(ii) of the Company Guide by October 2, 2017, which it did in due course.
Also, as previously reported in a Current Report on Form 8-K filed on March 18, 2016, the Company was previously notified by NYSE MKT that the Company was not in compliance with the continued listing standards set forth in Section 1003(f)(v) of the Company Guide due to the average selling price of the Company's common stock falling below the acceptable minimum required average share price. Included in the Company's plan to regain compliance is a proposed reverse stock split, which NYSE MKT has stated must be implemented no later than September 15, 2016. The Company has proposed a 1-for-4 reverse stock split for approval at its upcoming annual meeting of stockholders to be held on June 28, 2016.
The NYSE MKT notice has no immediate impact on the listing of DSS's common stock, which will continue to trade on the NYSE MKT exchange under the symbol "DSS" subject to periodic review by the NYSE MKT. The listing of DSS's common stock on the NYSE MKT is being continued pursuant to an extension during the plan period.
Document Security Systems, Inc.'s (NYSE MKT: DSS) products and solutions are used by governments, corporations and financial institutions to defeat fraud and to protect brands and digital information from the expanding world-wide counterfeiting problem. DSS technologies help ensure the authenticity of both digital and physical financial instruments, identification documents, sensitive publications, brand packaging and websites.
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Document Security Systems, Inc.
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company's plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as "believes," "anticipates," "expects," "plans," "intends" and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, the Company's ability to regain compliance with the listing standards of the NYSE MKT, the outcomes of any of the Company's litigation, its ability to raise capital, and those risks and uncertainties disclosed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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SOURCE Document Security Systems, Inc.