Impact Biomedical Inc. Files Current Report on Form 8-K
Biotechnology Company Currently in Initial Public Offering (IPO) Process
NEW YORK, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Impact Biomedical, Inc. (“the Company” and “Impact”) announced today that the Company filed a Current Report on Form 8-K with the Securities and Exchange Commission on November 6, 2023, disclosing that DSS BioHealth Security, Inc. (“DBH”), a subsidiary of DSS, Inc. (NYSE American: DSS), converted 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 common stock 75 days after October 31, 2023.
Impact executed a reverse stock split (1 for 55) of its issued and outstanding common stock, but did not effectuate a reverse split of its authorized capital stock and no amendment to the articles of incorporation or bylaws were adopted.
Frank Heuszel, CEO of Impact Biomedical, Inc., said, “We look forward to our pending IPO and building upon our enterprise value with our unique technology and products including Linebacker, Equivir, 3F Functional Fragrance and others.”
Frank Heuszel, also CEO of DSS, Inc., added, “With this corporate structure change, Impact common stockholders will now hold approximately 88% of the company’s common stock shares and shareholders of DSS will hold 12% of the remaining equity interest.”
About Impact Biomedical, Inc.
Impact Biomedical, Inc. (IBIO) discovers, confirms, and patents unique science and technologies which can be developed into new offerings in human healthcare and wellness in collaboration with external partners through licensing, co-development, joint ventures, and other relationships. The Company currently has licensing agreements with ProPhase Labs for Equivir and Linebacker. For more information on Impact Biomedical, visit http://impactbiomedinc.com/
About DSS, Inc.
DSS, Inc. is a multinational company operating businesses within nine (9) divisions: Product Packaging, Biotechnology, Commercial Lending, Securities and Investment Management, Alternative Trading, Digital Transformation, Secure Living, and Alternative Energy. DSS strategically acquires and develops assets to increase shareholder value through periodic IPO spinoffs. Since 2019, under the guidance of new leadership, DSS has built the necessary foundation for achievable growth through the formation of a diversified portfolio of companies positioned to drive profitability in multiple high-growth sectors.
For more information on DSS visit https://www.dssworld.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company's intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in our SEC filings, including, without limitation, our reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
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