DSS announces Impact BioMedical effected a 1-for-55 reverse stock split

DSS announced that Impact BioMedical 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, conversion of substantially all of its 87.5% common stock equity interest in Impact into an equivalent number of Series A Convertible Preferred Stock. 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 of Impact are eligible for any potential dividend distributions. Frank Heuszel, CEO of DSS, Inc., said, “By converting DBH’s common equity interest into preferred stock, Impact has increased value for Impact’s existing shareholders and the loyal DSS, Inc. shareholders who received the Impact shares through a dividend distribution.”