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Trader
Here is one for you. Something looked funny in the trading to me. I put in a small 500 share order at 10:15 for limit 1.89 AON and the price has been 1.91-1.92 B/A for a while. Was charting another stock in scottrade and lo and behold my trade was executed. How do you like that one.
I think the traders may have found us.
127K in first 5 minutes, mostly buys. BUT like BT said-going to be all over the place probably. GLTA
CINN buying big again.
First warrants filed today.
1.3M in his IRA so probably be sitting there for a while.
http://www.sec.gov/Archives/edgar/data/771999/000152153613000581/q1101167_bhonig13g-dss.htm
To make it easier-from today LOL
On July 1, 2013 (the “Closing Date”), DSSIP, Inc., a Delaware corporation (“Merger Sub”) and a wholly-owned subsidiary of Document Security Systems, Inc. (the “Company” or “DSS”) merged with and into Lexington Technology Group, Inc., a Delaware corporation (“Lexington”), pursuant to the terms and conditions of the previously announced Agreement and Plan of Merger, dated as of October 1, 2012 (as amended, the “Merger Agreement”), by and among the Company, Lexington, Merger Sub and Hudson Bay Master Fund Ltd. (“Hudson Bay”), as representative of Lexington’s stockholders (the “Merger”). In connection with the Merger, the Company issued on the Closing Date, its securities to Lexington’s stockholders in exchange for the capital stock owned by Lexington’s stockholders, as follows (the “Merger Consideration”): (i) an aggregate of 16,558,387 shares of the Company’s common stock, par value $0.02 per share (the “Common Stock”) (which includes 2,500,000 Additional Shares and 240,559 Exchanged Shares, as such terms are defined in the Merger Agreement); (ii) 7,100,000 shares of the Company’s Common Stock to be held in escrow pursuant to an escrow agreement, dated July 1, 2013, entered into by and among the Company, Hudson Bay and American Stock Transfer & Trust Company, LLC, as escrow agent (the “Escrow Agreement”); (iii) warrants to purchase up to an aggregate of 4,859,894 shares of the Company’s Common Stock, at an exercise price of $4.80 per share and expiring on July 1, 2018; and (iv) warrants to purchase up to an aggregate of 3,432,170 shares of the Company’s Common Stock, at an exercise price of $0.02 per share and expiring on July 1, 2023 (the “$.02 Warrants”), to Lexington’s preferred stockholders that would beneficially own more than 9.99% of the shares of the Company’s Common Stock as a result of the Merger (the “Beneficial Ownership Condition”). In addition, the Company assumed options to purchase an aggregate of 2,000,000 shares of the Company’s Common Stock at an exercise price of $3.00 per share, in exchange for 3,600,000 outstanding and unexercised stock options to purchase shares of Lexington’s common stock. In addition, the Company issued an aggregate of 786,678 shares of Common Stock to Palladium Capital Advisors, LLC as compensation for their services in connection with the transactions contemplated by the Merger Agreement. Of such shares, 400,000 shall be held in escrow pursuant to the same terms and conditions as those set forth in the Escrow Agreement.
I guess when you are old and retired and granny is not in my hair I can look things up so you hard working guys can make $$. LOL What you can do for me would be to take the total new shares and add them to DSS "Old" 21,708,555 (Per last Q) so we don't have to hear the dilution argument forever from our new visitors. I actually think its a lot better than even I anticipated as I didn't frame it as you regarding the the ones that can't be traded.
Per Prospectus
If DSS’s stockholders do not approve the Staggered Board Proposal, then the board of directors of DSS following the Merger shall initially consist of eight (8) directors, four of whom as designated by Lexington and the other four as designated by DSS, provided, that, prior to the closing of the Merger, DSS and Lexington will jointly identify a ninth person to be nominated as a member of the board of directors of DSS following the Effective Time. It is anticipated that such ninth person will be Richard M. Cohen. Approval of the Staggered Board Proposal, however, is not required to consummate the Merger and the transactions contemplated thereby.
On July 1, 2013, pursuant to the Merger Agreement and in connection with the completion of the Merger, Messrs. David Wicker, Roger O’Brien, and John Cronin resigned from the board of directors of the Company (the “Board”) and Messrs. Jeffrey Ronaldi, Peter Hardigan, Jonathon Perrelli and Warren Hurwitz were appointed to the Board. Messrs. David Klein, Ira A. Greenstein, Robert B. Bzdick and Robert B. Fagenson will continue to serve as members of the Board.
On July 1, 2013, pursuant to the Merger Agreement and in connection with the completion of the Merger, Robert B. Bzdick resigned from his position as the Company’s Chief Executive Officer.
On July 1, 2013, the Board elected the following persons to the offices set forth opposite their names, to hold office in accordance with the by-laws of the Company:
Jeffrey Ronaldi Chief Executive Officer
Peter Hardigan Chief Operating Officer
Philip Jones Chief Financial Officer
Robert B. Bzdick President
Boston
Have you noticed that CINN has been buying the house today. I swear they kept this thing up for the first 4 hours by themselves.
Ahhh the last 20 minutes!!! What have you got for us today??
Doz
I can't make those very true facts go away. Remember there has to be some dilution, there is some short covering and maybe even some legacy board/company members selling old options. ( I think there were about 3M left) There is absolutely nothing else fundamentally changed. There is plenty of absolutely great things happening here and I may add, in the short term. For the amount of sells I saw early today I was shocked to see we are in the 1.90 range right now. Believe me if there was much more they would not have held back. This stock, once the base is set will be a great one to own at these lower levels. IF you believe the story. I am fairly certain there is no one who can say for a fact who was selling or even why they might be. Personally that is why I like being on the sideline until merger completed. Also the old adage, buy on rumor sell on news has been around a long time for a reason. Once again, I understand the concerns, I am also 'Red" but you can bet I will rectify that soon in regards to my strategy. I am just another poster with my own view, always invest using due diligence and never be afraid to walk away if risk tolerance gets a bit lower. GL
Finally a basher to liven the place up. Carry on IS we were getting bored anyways.
100% spot on.
I say bottom closer to 1.75 but heck you are the professional LOL Lets see what end of day looks like. Your instincts much earlier in the day have been spot on here. I personally would have had a heart attack if the CEO that Hudson put in place was not happening after merger. Guess the rest of the story unfolds sooner rather than later.
Shares Issued
Notice how there were 16.5M shares issued vice a potential of 19.9M shares.
7.1M Escrow (Must be at $5 share)
4.8M Warrants Executable at $4.80/share
3.4M Warrants at .02 which I think will be held for much larger gain.
DSS assumed options to purchase 2M shares at $3.00
Other than .02 warrants this seems to be a very favorable deal for DSS regarding shares.
Here I go again-sounding like El Pumper. LOL
On July 1, 2013 (the “Closing Date”), DSSIP, Inc., a Delaware corporation (“Merger Sub”) and a wholly-owned subsidiary of Document Security Systems, Inc. (the “Company” or “DSS”) merged with and into Lexington Technology Group, Inc., a Delaware corporation (“Lexington”), pursuant to the terms and conditions of the previously announced Agreement and Plan of Merger, dated as of October 1, 2012 (as amended, the “Merger Agreement”), by and among the Company, Lexington, Merger Sub and Hudson Bay Master Fund Ltd. (“Hudson Bay”), as representative of Lexington’s stockholders (the “Merger”). In connection with the Merger, the Company issued on the Closing Date, its securities to Lexington’s stockholders in exchange for the capital stock owned by Lexington’s stockholders, as follows (the “Merger Consideration”): (i) an aggregate of 16,558,387 shares of the Company’s common stock, par value $0.02 per share (the “Common Stock”) (which includes 2,500,000 Additional Shares and 240,559 Exchanged Shares, as such terms are defined in the Merger Agreement); (ii) 7,100,000 shares of the Company’s Common Stock to be held in escrow pursuant to an escrow agreement, dated July 1, 2013, entered into by and among the Company, Hudson Bay and American Stock Transfer & Trust Company, LLC, as escrow agent (the “Escrow Agreement”); (iii) warrants to purchase up to an aggregate of 4,859,894 shares of the Company’s Common Stock, at an exercise price of $4.80 per share and expiring on July 1, 2018; and (iv) warrants to purchase up to an aggregate of 3,432,170 shares of the Company’s Common Stock, at an exercise price of $0.02 per share and expiring on July 1, 2023 (the “$.02 Warrants”), to Lexington’s preferred stockholders that would beneficially own more than 9.99% of the shares of the Company’s Common Stock as a result of the Merger (the “Beneficial Ownership Condition”). In addition, the Company assumed options to purchase an aggregate of 2,000,000 shares of the Company’s Common Stock at an exercise price of $3.00 per share, in exchange for 3,600,000 outstanding and unexercised stock options to purchase shares of Lexington’s common stock. In addition, the Company issued an aggregate of 786,678 shares of Common Stock to Palladium Capital Advisors, LLC as compensation for their services in connection with the transactions contemplated by the Merger Agreement. Of such shares, 400,000 shall be held in escrow pursuant to the same terms and conditions as those set forth in the Escrow Agreement
On July 1, 2013, pursuant to the Merger Agreement and in connection with the completion of the Merger, Messrs. David Wicker, Roger O’Brien, and John Cronin resigned from the board of directors of the Company (the “Board”) and Messrs. Jeffrey Ronaldi, Peter Hardigan, Jonathon Perrelli and Warren Hurwitz were appointed to the Board. Messrs. David Klein, Ira A. Greenstein, Robert B. Bzdick and Robert B. Fagenson will continue to serve as members of the Board.
On July 1, 2013, pursuant to the Merger Agreement and in connection with the completion of the Merger, Robert B. Bzdick resigned from his position as the Company’s Chief Executive Officer.
On July 1, 2013, the Board elected the following persons to the offices set forth opposite their names, to hold office in accordance with the by-laws of the Company:
Jeffrey Ronaldi Chief Executive Officer
Peter Hardigan Chief Operating Officer
Philip Jones Chief Financial Officer
Robert B. Bzdick President
And will be rewarded handsomely I am sure. ...
Key Point
The ONLY hanging chad on this was if the merger would get completed. Now you need to make a decision on whether you believe in the company or today's PPS. Once again, where is the bad news? LOL Let the Sellers and MMs do their thing. I for one have no issues as I have become an investor in the new DSS. I have a pretty good idea where bottom "could" be but lets not start a riot and just check back at end of day. Boston is correct IMO regarding price. Lets see where the buyers come in.
Sunday Night Rant....
Since DSS is now 90 days away from Pre-Markman hearing I think it is important to re-acquaint everyone with the companies that DSS is "currently" pursuing for patent infringement.
Broadvision: Annual revenue $15M. Small company-this was easy to predict (Settled)
Jive Software: Annual revenue $120M. Bigger than #1 but still just warm up for legal team IMO.
Novell: Last reported revenue was $811M for FY 2011. They are owned by attachmate corporation and private entity. Best estimate is that they have 3-3.5% market share in their industry. My best educated guess is $4-$500M annual revenue.
LNKD: Last quarter reported $324M revenue. ($1.3B annual projected)
Salesforce: Last Quarter Revenue $842M. ($3B+ Annual)
FB: Last Quarter Revenue $1.3B+ ($4B+ Annual)
*Remember, only the portion of revenue that is actually infringing is applicable.
The last three are the major leagues. In my opinion I would be shocked if there is an early settlement but a positive markman ruling will be huge. This litigation is as big as any litigation that has ever occurred in the IP sector and once the merger is completed I think DSS will get on the radar in a big way. Those who still have their stomach lining in tact through ups and downs will probably be rewarded very well.
What is interesting is the fact that DSS is combining technology from Bascom, Virtual Agility and legacy DSS in their new product. What is also very good is that DSS has a proprietary software. You only need ONE big customer and the flood gates open up. The fact that they are beta testing with fortune 500 companies is very promising IMO.
Unless I am misinterpreting DSS management, the company is looking to acquire IP that is already making money. (Being used in an operational capacity). A perfect example of this is MARA. I am not an owner but they have been very successful to this point.
The new DSS management has to see a road involving more than litigation to getting shares above $5 for 40 days in the next 12 months to capture ownership interest. There must be clear financial catalyst for this to occur.
As usual, only the facts, all readily available from board moderators and open sources. GL
NASDAQ
Today's High/Low: $ 2.30 / $ 2.0899
Share Volume: 388,068
90 Day Avg. Daily Volume 163,291
Previous Close: $ 2.08
52 Week High /Low: $ 4.60 / $ 1.99
Market cap $ 49,931,822
There you go. No problem
I think we are parsing numbers that will drive us all nuts. LOL My thoughts only, Close deal by EOD Monday, $90M+ Market Cap, Share price above $2. OR there are just enough shares out there and that $50M CAP is part of it.
At this point Monday could be official date and we have a float of 49,000,000+. The CAP will be above $98M in either sense. Remember the prospectus did not say it had to "close" on 7/1. I can't remember the wording but there is some wiggle room in there.
Well..
That equals about $49,931,and change. Now if by any chance that 60,000 in warrants issued on 5/24 comes in to play that would put over the top.
Here is another consideration that has to be considered and is often overlooked when we look at the "standard" requirements. The MVPFS (Market Value of Public Float shares) is $20M for this standard.
I have to go back and grab some numbers, let me get into SEC filings again. I think it is slightly higher but I will verify.
Yep. Sure is funny what a little buying pressure will do. Pain for all the guys who were probably looking to sneak in at 2.25 LOL. I just want everyone to know that this stock is very very thinly traded. Buy orders (Larger Ones) take considerable time to get filled. The nice thing is that the "dilution" argument is now moot at this point. a 30% hack takes care of all that. Lets see that PR with "Merger closed". This is a nice take off spot IMHO. The extra stock is going to add a lot more liquidity to the market. Interesting that last trade. I wonder if it has anything to do with Market Cap of $50M
Interesting those big block buys coming in at 2.13-2.14 here at the end..
Kudos
To all the board members for not turning the board into hysteria central. LOL As we all know Monday should be the beginning of the story. Great many thanks to the moderators and many lurkers that are here. Have a great weekend and all is well.
Key Points:
Since I am old and retired...Careful cooler! Basically he went over a combination of two may presentations. The key points that seemed to be emphasis:
1. He used the term "game-changer" in regards to authentiguard product line. It appears that is what is going to be the new DSS cash cow based on that portion of the video. You did not hear a lot about packaging and plastics at all.
2. Litigation is ahead of where they expected it to be.
3. They are using technology of virtual agility and Bascom in authentiguard. What I think is interesting here is that all three are being packaged in an "operational" capacity.
Gents this is a real company with real potential. Although IP litigation will have a huge impact, long term this has legs. I am sure others can add pieces they feel is important but those three stood out to me.
If there is any doubts about merger completion feel free to watch video conference here. This was on 6/27.
http://redchip.com/visibility/conferencePages/virtualconferences/june2013/virtualmainConference.asp?from=mm#video
I know, I know its Redchip but its not the cut and past interview.
Very Good plan IMHO
Hope so for all those more exposed in their position. I only want everyone to come out making $$. (To include me). The other thing is look at the lack of pumpers and only the occasional bash with a stock that has been hit this hard. Just reaffirms that it is not in play until after 7/1.
BT-
It has been that way for awhile. I am not a day trader but a swing trader. For any trader not a short I would stay away until Mms make a decision to move north IMO. I am looking for re-entry point to add. I reduced 1/2 of my exposure a bit back but I am stuck with current number. LOL
DOZD
Personally it stinks. We are at a point that I cannot explain from a FA or TA standpoint. When a stock moves in this manner it is strictly a market maker driven event. I have my own conclusions as to why it "may" be happening but conjecture does no one any good. As I told a friend of mine, I guess I am going to have to break down and watch the RedChip presentation later. I just hope it is not the same cut and paste as the prior two.
next 26K out of 28K on the BID. Taken down on Buys. I'll check back at end of day.
Today's trading
I think the shorts are basically done and out of steam. Typically volume decreases will be an indicator and most orders executed are now on Buy Side (BID) rather than sell side (ASK).
Nine trades over 1K shares (35% of volume) and eight of them were on the BID. EDGX and AMEX are the active buyers today and sells are very small. Basically Very low volume and back in normal DSS trading mode (except at lower price!)
Remember this is not a prediction just a mid-day update for those desiring to know what is going on. LOL
That is classic!
Good site for us fibs type.
You left coasters are too funny!
I hate to admit this and I won't mention which board but the highlander provided several days of comic relief for me. He was, as always laying the smacketh down!