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Document Security Systems Inc And Lexington Technology Group, Inc. Sign Definitive Merger Agreement


Tuesday, 2 Oct 2012 09:01am EDT 

Document Security Systems, Inc. and Lexington Technology Group, Inc. announced they have signed a definitive merger agreement. The combined Company will continue to be known as Document Security Systems, Inc. and will be led by current Lexington Technology Group CEO Will Rosellini, who will replace Patrick White as CEO of DSS. Pursuant to the terms of the Merger Agreement, a wholly-owned subsidiary of DSS will merge with and into Lexington Technology Group, with Lexington Technology Group being the surviving corporation as a wholly-owned subsidiary of DSS through an exchange of capital stock of Lexington Technology Group for capital stock and warrants of DSS. Upon completion of the merger and subject to the Beneficial Ownership Condition, each share of then-issued and outstanding Lexington Technology Group Common Stock and Series A Convertible Preferred Stock will be automatically converted into the right to receive shares of DSS Common Stock, five-year warrants to purchase DSS Common Stock at an exercise price of $4.80 per share. Immediately following the completion of the merger, the former stockholders of Lexington Technology Group are expected to own approximately 55% of the outstanding common stock of the combined company and the current stockholders of DSS are expected to own approximately 45% of the outstanding common stock of the combined company. 

Company Quote

1.41
-0.0199 -1.39%
11 Jul 2014