Document Security Systems Inc. on Thursday announced its stockholders have approved the company’s merger with Lexington Technology Group Inc., a privately owned intellectual property asset management group.
The merger was first announced last October. Under the terms of the deal, a combined company would continue under the name Document Security Systems Inc. with its headquarters remaining in Rochester.
LTG will become a wholly owned subsidiary of DSS through an exchange of capital stock of LTG for capital stock and warrants of DSS.
DSS said it anticipates closing the transaction on or around July 1. The company’s executive team will be led by CEO Jeff Ronaldi, with members of the board of directors split between the team of DSS and LTG.
DSS employs 105 local workers. In addition to its headquarters, the company has three other locations in the area for printing, packaging and digital segments. The company also has a plastics group in Brisbane, Calif.
DSS stock (NYSE: DSS) was down more than 12 percent midday Friday at $2.39 a share.
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