UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
February 28, 2022, DSS, Inc. (the “Company”) entered into an Amendment to Stock Purchase Agreement (the “Amendment”) with its shareholder Alset EHome International Inc. (“AEI”), pursuant to which the Company and AEI have agreed to amend certain terms of the Stock Purchase Agreement dated January 25, 2022 (the “SPA”). Pursuant to the SPA, AEI had agreed to purchase 44,619,423 shares of the Company’s common stock for a purchase price of $0.3810 per share, for an aggregate purchase price of $17,000,000. Pursuant to the Amendment, the number of shares of the common stock of the Company that the AEI will purchase has been reduced to 3,986,877 shares for an aggregate purchase price of $1,519,000. In addition, the Company’s Executive Chairman and a significant stockholder, Chan Heng Fai, is the Chairman, Chief Executive Officer and largest shareholder of AEI. The foregoing summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment to Stock Purchase Agreement, a copy of which is filed herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
On February 28, 2022, the Company entered into a Stock Purchase Agreement with Alset EHome International Inc. (the “True Partner Revised Stock Purchase Agreement”), pursuant to which AEI has agreed to sell a subsidiary holding 62,122,908 shares of stock of True Partner Capital Holding Limited exchange for 17,570,948 shares of common stock of the Company (the “DSS Shares”). Previously, the Company and AEI were parties to an agreement dated as of January 18, 2022 for the sale of 62,122,908 shares of stock of True Partner International Limited; such agreement has been terminated, as described in Item 1.02, below. AEI and its various subsidiaries are collectively the largest stockholder of the Company. The Company’s Executive Chairman and a significant stockholder, Chan Heng Fai, is the Chairman, Chief Executive Officer and largest shareholder of AEI. The issuance of the DSS Shares will be subject to the approval of the NYSE American and the Company’s stockholders. The Company intends to obtain the approval of its stockholders for the closing of the transactions contemplated by the True Partner Revised Stock Purchase Agreement. The foregoing summary of the True Partner Revised Stock Purchase Agreement is qualified in its entirety by reference to the True Partner Revised Stock Purchase Agreement attached hereto as Exhibit 10.2 and which is incorporated herein by reference.
Item 1.02 Termination of a Material Definitive Agreement
On February 28, 2022, the Company entered into an Agreement to Terminate Stock Purchase Agreement with Alset EHome International Inc. (the “True Partner Termination Agreement”) wherein the Stock Purchase Agreement entered into by and between the Company and AEI on January 18, 2022 was terminated in its entirety. Pursuant to the January 18, 2022 Stock Purchase Agreement between the Company and AEI, AEI had agreed to sell a subsidiary holding 62,122,908 shares of stock of True Partner Capital Holding Limited in exchange for 11,397,080 shares of common stock of the Company. Following the execution of the True Partner Termination Agreement, the parties entered into the True Partner Revised Stock Purchase Agreement described in Item 1.01, above, which is incorporated by reference herein. The foregoing summary of the True Partner Termination Agreement is qualified in its entirety by reference to the True Partner Termination Agreement attached hereto as Exhibit 10.3 and which is incorporated herein by reference.
On February 28, 2022, the Company entered into an Agreement to Terminate Stock Purchase Agreement with Alset EHome International Inc. (the “AEI Termination Agreement”) wherein the Stock Purchase Agreement entered into by and between the Company and AEI on January 18, 2022 was terminated in its entirety. Pursuant to the January 18, 2022 Stock Purchase Agreement between the Company and AEI, AEI had agreed to sell 877,248,065 shares of Alset International Limited to the Company in exchange for 60,798,217 newly issued shares of the Company. The foregoing summary of the AEI Termination Agreement is qualified in its entirety by reference to the AEI Termination Agreement attached hereto as Exhibit 10.4 and which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Number | Description | |
| 10.1 | Amendment to Stock Purchase Agreement, between DSS, Inc. and Alset EHome International Inc., dated February 28, 2022 | |
| 10.2 | True Partner Stock Purchase Agreement, between DSS, Inc. and Alset EHome International Inc., dated February 28, 2022 | |
| 10.3 | True Partner Termination Agreement, between DSS, Inc. and Alset EHome International Inc., dated as of February 28, 2022 | |
| 10.4 | DSS Termination Agreement, between DSS, Inc. and Alset EHome International Inc., dated February 28, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DSS, INC. | ||
| March 1, 2022 | By: | /s/ Jason Grady |
| Name: | Jason Grady | |
| Title: | Chief Executive Officer | |
Exhibit 10.1
AMENDMENT TO STOCK PURCHASE AGREEMENT
This AMENDMENT TO STOCK PURCHASE AGREEMENT (the “Amendment”) is made as of February 28, 2022 by and between DSS, Inc., a New York Corporation, or its designated subsidiary (collectively, the “Seller”), and Alset EHome International, Inc. and its subsidiaries (collectively, the “Buyer”).
Recitals
WHEREAS, Buyer, Seller have entered into that certain Stock Purchase Agreement, dated as of January 25, 2022 (the “Purchase Agreement”), pursuant to which Buyer agreed up to 44,619,423 shares (the “DSS Shares”) of common stock, par value $0.02 per share (“DSS Common Stock”) at a purchase price equal to $0.3810 per share (the “DSS Common Stock”) upon the terms and conditions set forth therein. Defined terms not otherwise defined herein shall have the meaning as set forth in the Agreement.
WHEREAS, Buyer and Seller desire to amend the Purchase Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and in the Purchase Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Amendment to the Agreement.
(a) Section 1. Sale and Purchase of Shares of the Purchase Agreement is hereby amended in its entirety to read in full as follows:
“1.1 SALE. On the terms and subject to the conditions set forth in this Agreement, at the Closing Seller will sell, convey, transfer and assign to Buyer, free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and Buyer will purchase and accept from Seller, up to 3,986,877 DSS Shares.
1.2 PURCHASE. In consideration therefor, Buyer will convey, transfer and assign to Seller, and Seller will accept from Buyer, up to $1,519,000 (such purchase and sale referred to as the “Purchase”).”
2. Effect of Amendment. Except as modified and amended by this Amendment, the Agreement is hereby ratified, confirmed and approved, and shall continue in full force and effect.
3. General Provisions. This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law. This Amendment and the Agreement cannot be terminated, altered or amended except pursuant to an instrument in writing signed in accordance with the terms of the Agreement as herein amended. If any provision hereof shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other provision of this Amendment, and the Amendment shall be carried out as if any such invalid or unenforceable provision were not contained herein. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. A facsimile signature will be considered an original signature. This Amendment and the Agreement (and any exhibits and schedules thereto and certificates delivered thereunder) set forth the entire understanding among the parties hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof among the parties hereto.
IN WITNESS WHEREOF, Buyer, Seller and the Company have executed this Amendment to Stock Purchase Agreement as of the date first above written.
| BUYER: | ||
| ALSET EHOME INTERNATIONAL, INC., | ||
| /s/ Heng Fai Ambrose Chan | ||
| Heng Fai Ambrose Chan | ||
| Chairman and Chief Executive Officer | ||
SELLER: |
||
| DSS, INC. | ||
| /s/ Frank D. Heuszel | ||
| Name: | Frank D. Heuszel | |
| Title: | Chief Executive Officer | |
Exhibit 10.2
STOCK PURCHASE AGREEMENT
This STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of February 28 2022 by and among DSS, Inc., a New York Corporation, or its designated subsidiary (collectively, the “Buyer”), and Alset EHome International Inc. and its subsidiaries (collectively, the “Seller”).
RECITALS
WHEREAS, Seller and Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D (“Regulation D”) as promulgated under the Securities Act;
WHEREAS, True Partner International Limited (“True Partner International”) is the owner of 44,808,908 shares of common stock of True Partner Capital Holding Limited, a Cayman Islands company (“True Partner”);
WHEREAS, Seller is the owner of 100% of the shares of common stock of True Partner International;
WHEREAS, Global eHealth Limited, a wholly owned subsidiary of Seller (“Global”) is the owner of 17,314,000 shares of common stock of True Partner (“Global TP Shares”);
WHEREAS, the Seller wishes to sell 100% of the common stock of True Partner International (the “True Partner International Common Stock”) and the Global TP Shares, which together will represent 62,122,908 shares of common stock, HK$0.01 par value per share, of True Partner (the “True Partner Common Stock,” and, together with the True Partner International Common Stock, the “True Partner Shares”) to Buyer in exchange for 17,570,948 shares of common stock, $0.02 par value per share, of the Buyer (the “DSS Common Stock”), upon the terms and conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Buyer hereby agree as follows:
| 1. | SALE AND PURHCASE OF SHARES. |
1.1 SALE. On the terms and subject to the conditions set forth in this Agreement, at the Closing Seller will sell, convey, transfer and assign to Buyer, free and clear of all liens, pledges, encumbrances, changes, restrictions or known claims of any kind, nature or description, and Buyer will purchase and accept from Seller, the 62,122,908 shares of True Partner Common Stock, in the aggregate, including those held by True Partner International and those to be transferred by Global.
1.2 PURCHASE. In consideration therefor, Buyer will convey, transfer and assign to Seller, and Seller will accept from Buyer, 17,570,948 shares of newly-issued shares of DSS Common Stock, in the aggregate (the “DSS Shares”) (such purchase and sale referred to as the “Purchase”).
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| 2. | REPRESENTATIONS AND WARRANTIES. |
2.1 REPRESENTATIONS AND WARRANTIES BY THE SELLER. The Seller represents and warrants to Buyer as follows as of the date hereof:
(a) Organization and Good Standing. Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, as the case may be.
(b) Requisite Power and Authority. Seller has all necessary power and authority to execute and deliver this Agreement and the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby (the “Transaction Documents”) and to carry out their provisions. All action on Seller’s part required for the execution and delivery of this Agreement and the other Transaction Documents has been taken. Upon its execution and delivery, this Agreement and the other Transaction Documents will be valid and binding obligations of Seller, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies.
(c) No Violations. The execution and delivery of the Transaction Documents, and the consummation by the Seller of the transactions contemplated thereby, does not (i) result in a violation of either the Certificate of Incorporation or By-laws of the Seller, or (ii) constitute a default under (or an event which with notice or lapse of time or both could become a default) or give to others any rights of termination, amendment or cancellation of, any material agreement, indenture or instrument to which the Seller is a party unless the same shall have been waived or consented to by the other party, or result in a violation of any law, rule, regulation, order, judgment or decree (foreign or domestic and including federal and state securities laws and regulations) applicable to the Company or by which any material property or asset of the Seller is bound or affected other than any of the foregoing which would not have a Material Adverse Effect.
(d) Good Title. The True Partner shares owned by the Seller are owned free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase, and upon the consummation of the sale of such True Partner Shares as contemplated hereby, the Buyer will have good title to such True Partner Shares, free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase.
(e) Investment Representations.
| (i) | Seller understands that the DSS Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any other applicable securities laws. Seller also understands that the DSS Shares are being offered pursuant to an exemption from the registration requirements of the Securities Act, under Section 4(2) and/or Regulation D of the Securities Act. Seller acknowledges that the Buyer will rely on Seller’s representations, warranties and certifications set forth below for purposes of determining Seller’s suitability as an investor in the DSS Shares and for purposes of confirming the availability of the Section 4(2) and/or Regulation D exemption from the registration requirements of the Securities Act. |
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| (ii) | Seller has received all the information it considers necessary or appropriate for deciding whether to acquire the DSS Shares. Seller understands the risks involved in an investment in the DSS Shares. Seller further represents that it, through its authorized representatives, has had an opportunity to ask questions and receive answers from the Buyer regarding the terms and conditions of the offering of the DSS Shares and the business, properties, prospects, and financial condition of DSS, Inc. and to obtain such additional information (to the extent the Buyer possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to Seller or to which Seller had access. Seller further represents that it is an “accredited investor” within the meaning of Rule 501(a) of the Securities Act. |
| (iii) | Seller is acquiring the DSS Shares for its own account for investment only and not with a view towards their resale or “distribution” (within the meaning of the Securities Act) of any part of the DSS Shares. |
| (iv) | Seller understands that the DSS Shares may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption therefrom, and in each case in compliance with the conditions set forth in this Agreement. Seller acknowledges and is aware that the DSS Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until Seller has held the DSS Shares for the applicable holding period under Rule 144. |
| (v) | Seller acknowledges and agrees that each certificate representing the DSS Shares, or book entry made in lieu of certificates, shall bear a legend substantially in the following form: |
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.”
(f) No Reliance. Seller has not relied on and is not relying on any representations, warranties or other assurances regarding DSS, Inc. other than the representations and warranties expressly set forth in this Agreement.
(g) No Other Assets or Liabilities. True Partner International does not have any (a) assets of any kind or (b) liabilities or obligations, whether secured or unsecured, accrued, determined, absolute or contingent, asserted or unasserted or otherwise, other than the 44,808,908 shares of common stock of True Partner.
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2.2 REPRESENTATIONS AND WARRANTIES BY BUYER. Buyer represents and warrants to the Seller, as of the date hereof, as follows:
(a) Organization and Good Standing. Buyer is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, as the case may be.
(b) Requisite Power and Authority. Buyer has all necessary power and authority to execute and deliver this Agreement and the other Transaction Documents and to carry out their provisions. All action on Buyer’s part required for the execution and delivery of this Agreement and the other Transaction Documents has been taken. Upon its execution and delivery, this Agreement and the other Transaction Documents will be valid and binding obligations of Buyer, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies.
(c) Issuance of DSS Shares. The DSS Shares have been duly authorized and, upon issuance in accordance with the terms hereof, shall be validly issued and free from all taxes, liens and charges with respect to the issue thereof, and the DSS Shares shall be fully paid and non-assessable with the holder being entitled to all rights accorded to a holder of DSS Common Stock.
(d) No Reliance. Buyer has not relied on and is not relying on any representations, warranties or other assurances regarding True Partner other than the representations and warranties expressly set forth in this Agreement.
2.3 REPRESENTATIONS AND WARRANTIES ABOUT TRUE PARTNER INTERNATIONAL. Seller represents and warrants to Buyer as follows as of the date hereof:
(a) Organization and Good Standing. True Partner International is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, as the case may be.
(b) Requisite Power and Authority. True Partner International has all necessary power and authority to execute and deliver this Agreement and the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby (the “Transaction Documents”) and to carry out their provisions. All action on True Partner International’s part required for the execution and delivery of this Agreement and the other Transaction Documents has been taken. Upon its execution and delivery, this Agreement and the other Transaction Documents will be valid and binding obligations of True Partner International, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies.
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(c) No Violations. The execution and delivery of the Transaction Documents, and the consummation by True Partner International of the transactions contemplated thereby, does not (i) result in a violation of either the Certificate of Incorporation or By-laws of the Seller, or (ii) constitute a default under (or an event which with notice or lapse of time or both could become a default) or give to others any rights of termination, amendment or cancellation of, any material agreement, indenture or instrument to which True Partner International is a party unless the same shall have been waived or consented to by the other party, or result in a violation of any law, rule, regulation, order, judgment or decree (foreign or domestic and including federal and state securities laws and regulations) applicable to the Company or by which any material property or asset of True Partner International is bound or affected other than any of the foregoing which would not have a Material Adverse Effect.
| (i) | Good Title. The True Partner shares owned by True Partner International are owned free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase, and upon the consummation of the sale of such True Partner Shares as contemplated hereby, the Buyer will have good title to such True Partner Shares, free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase. |
(d) No Reliance. True Partner International has not relied on and is not relying on any representations, warranties or other assurances regarding DSS, Inc. other than the representations and warranties expressly set forth in this Agreement.
(e) No Other Assets or Liabilities. True Partner International does not have any (a) assets of any kind or (b) liabilities or obligations, whether secured or unsecured, accrued, determined, absolute or contingent, asserted or unasserted or otherwise, other than the 44,808,908 shares of common stock of True Partner.
2.4 REPRESENTATIONS AND WARRANTIES ABOUT GLOBAL
(a) Organization and Good Standing. Global is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization, as the case may be.
(b) Requisite Power and Authority. Global has all necessary power and authority to execute and deliver this Agreement and the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby (the “Transaction Documents”) and to carry out their provisions. All action on Global’s part required for the execution and delivery of this Agreement and the other Transaction Documents has been taken. Upon its execution and delivery, this Agreement and the other Transaction Documents will be valid and binding obligations of Global, enforceable in accordance with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies.
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(c) No Violations. The execution and delivery of the Transaction Documents, and the consummation by Global of the transactions contemplated thereby, does not (i) result in a violation of either the Certificate of Incorporation or By-laws of the Seller, or (ii) constitute a default under (or an event which with notice or lapse of time or both could become a default) or give to others any rights of termination, amendment or cancellation of, any material agreement, indenture or instrument to which the Global is a party unless the same shall have been waived or consented to by the other party, or result in a violation of any law, rule, regulation, order, judgment or decree (foreign or domestic and including federal and state securities laws and regulations) applicable to the Company or by which any material property or asset of Global is bound or affected other than any of the foregoing which would not have a Material Adverse Effect.
(d) Good Title. The Global TP Shares are owned free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase, and upon the consummation of the sale of such Global TP Shares as contemplated hereby, the Buyer will have good title to such Global TP Shares, free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase.
(e) No Reliance. Global has not relied on and is not relying on any representations, warranties or other assurances regarding DSS, Inc. other than the representations and warranties expressly set forth in this Agreement.
2.5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and warranties shall survive the Closing for a period of 12 months and shall be fully enforceable at law or in equity against the parties and each party’s successors and assigns.
| 3. | CLOSING. |
3.1 Conditions to Seller’s Obligations. The obligations of Seller under this Agreement, (including, without limitation, the obligation to transfer the True Partner Shares) shall be subject to satisfaction of the following conditions, unless waived by Seller: (i) Buyer shall have performed in all material respects all agreements, and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder, at or prior to the Closing; (ii) all of the representations and warranties of the Buyer herein shall have been true and correct in all respects when made, shall have continued to have been true and correct in all respects at all times subsequent thereto, and shall be true and correct in all material respects on and as of the Closing as though made on, as of, and with reference to such Closing; (iii) Buyer shall have executed and delivered to Seller all documents necessary to issue the DSS Shares to Seller, as contemplated by this Agreement; (iv) Buyer shall have obtained or made, as applicable, all consents, authorizations and approvals from, and all declarations, filings and registrations required to consummate the transactions contemplated by this Agreement, including all items required under the incorporation document and bylaws of Buyer; (v) Buyer shall have received authorization from the New York Stock Exchange (the “NYSE”) for the issuance of the DSS Shares; and (vi) the shareholders of Buyer shall have approved this Agreement, and the consummation of the transactions contemplated hereby, including the issuance of the DSS Shares, as and to the extent required by applicable laws, the rules and regulations of the NYSE or by the provisions of any governing instruments.
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3.2 Conditions to Buyer’s Obligations. The obligations of Buyer under this Agreement, (including, without limitation, the obligation to issue the DSS Shares as payment for the transfer by Seller of the True Partner Shares and Global TP Shares) shall be subject to satisfaction of the following conditions, unless waived by Buyer: (i) Seller shall have performed in all respects all agreements, and satisfied in all respects all conditions on their part to be performed or satisfied hereunder, at or prior to the Closing; (ii) all of the representations and warranties of Seller herein shall have been true and correct in all material respects when made, shall have continued to have been true and correct in all material respects at all times subsequent thereto, and shall be true and correct in all material respects on and as of the Closing as though made on, as of, and with reference to such Closing; (iii) Seller shall have executed and delivered to Buyer all documents necessary to transfer the True Partner Shares to Buyer, as contemplated by this Agreement; and (iv) Seller shall have obtained or made, as applicable, all consents, authorizations and approvals from, and all declarations, filings and registrations required to consummate the transactions contemplated by this Agreement, including all items required under the incorporation document and bylaws of Seller.
3.3 Closing Documents. At the Closing
(a) Seller shall deliver to Buyer, in form and substance reasonably satisfactory to Buyer (i) a duly executed copy of this Agreement, together with any other Transaction Documents (ii) certificates evidencing the True Partner Shares and Global TP Shares, together with stock powers duly for such certificates to allow such certificates to be registered in the name of Buyer, or evidence of such book-entry transfer of the True Partner Shares and Global TP Shares to Buyer; (iii) copies of resolutions adopted by the board of directors of Seller and certified by the Secretary of Seller authorizing the execution and delivery of, and performance of Seller’s obligations under, this Agreement.
(b) Buyer shall deliver to Seller, in form and substance reasonably satisfactory to Seller (i) a duly executed copy of this Agreement, together with any other Transaction Documents (ii) certificates evidencing the DSS Shares, together with stock powers duly for such certificates to allow such certificates to be registered in the name of Seller, or evidence of such book-entry transfer of the DSS Shares to Seller; (ii) copies of resolutions adopted by the board of directors of Buyer and certified by the Secretary of Buyer authorizing the execution and delivery of, and performance of Buyer’s obligations under, this Agreement.
4. INDEMNIFICATION. Seller and True Partner International, jointly and severally (reserving unto each other any rights of contribution), hereby agree to indemnify and hold Buyer and its respective Affiliates harmless from and against all damages to and liabilities of Buyer (including those resulting from or relating to demands, claims, actions or causes of action, assessments or other losses, costs and expenses relating thereto, interest and penalties thereon and reasonable attorneys’ fees and related disbursements and other expenses in respect thereof) by reason of or resulting from (i) a breach of any representation or warranty of (A) Sellers contained in or made pursuant to this Agreement or the Transaction Documents or (B) True Partner International contained in or made pursuant to the Agreement or Transaction Documents or (ii) the failure of the Seller or True Partner International duly to perform or observe any term, provision, covenant or agreement to be performed or observed by them pursuant to this Agreement or the Transaction Documents.
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| 5. | MISCELLANEOUS. |
5.1 ADDRESSES AND NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via e-mail transmission prior to 5:00 P.M., New York City time, on a trading day, (b) the next trading day after the date of transmission, if such notice or communication is delivered via e-mail transmission on a day that is not a trading day or later than 5:00 P.M., New York City time, on any trading day, (c) the trading day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with next day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to be given. The address and e-mail address for such notices and communications shall be as follows:
| If to Buyer to: | DSS, Inc. 6 Framark Drive Victor, New York 14564 Attention: Frank Heuszel Telephone: Email:
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| If to Seller to: | Alset EHome International Inc. 4800 Montgomery Lane, Suite 210 Bethesda, Maryland 20814 Attention: Michael Gershon Telephone: Email:
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| With copies to: | Sichenzia Ross Ference LLP 1185 Avenue of the Americas, 31st Floor New York, New York 10036 Attention: Darrin M. Ocasio Facsimile No.: Email: | |
Any such person may by notice given in accordance with this Section 4.1 to the other parties hereto designate another address or person for receipt by such person of notices hereunder.
5.2 TITLES AND CAPTIONS. TITLES AND CAPTIONS. All Article and Section titles or captions in this Agreement are for convenience only. They shall not be deemed part of this Agreement and do not in any way define, limit, extend or describe the scope or intent of any provisions hereof.
5.3 ASSIGNABILITY. This Agreement is not transferable or assignable by the undersigned.
5.4 PRONOUNS AND PLURALS. Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine or neuter forms. The singular form of nouns, pronouns and verbs shall include the plural and vice versa.
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5.5 FURTHER ACTION. The parties shall execute and deliver all documents, provide all information and take or forbear from taking all such action as may be necessary or appropriate to achieve the purposes of this Agreement. Each party shall bear its own expenses in connection therewith.
5.6 APPLICABLE LAW. This Agreement shall be construed in accordance with and governed by the laws of the State of New York without regard to its conflict of law rules.
5.7 BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, administrators, successors, legal representatives, personal representatives, permitted transferees and permitted assigns. If the undersigned is more than one person, the obligation of the undersigned shall be joint and several and the agreements, representations, warranties and acknowledgments herein contained shall be deemed to be made by and be binding upon each such person and such person’s heirs, executors, administrators and successors.
5.8 INTEGRATION. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes and replaces all prior and contemporaneous agreements and understandings, whether written or oral, pertaining thereto, including without limitation, the Prior Agreement. No covenant, representation or condition not expressed in this Agreement shall affect or be deemed to interpret, change or restrict the express provisions hereof.
5.9 AMENDMENT. Neither this Agreement nor any term or provision hereof may be amended, modified, waived or supplemented orally, but only by a written consent executed by the parties hereto.
5.10 CREDITORS. None of the provisions of this Agreement shall be for the benefit of or enforceable by creditors of any party
5.11 WAIVER. No failure by any party to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement or to exercise any right or remedy available upon a breach thereof shall constitute a waiver of any such breach or of such or any other covenant, agreement, term or condition.
5.12 RIGHTS AND REMEDIES. The rights and remedies of each of the parties hereunder shall be mutually exclusive, and the implementation of one or more of the provisions of this Agreement shall not preclude the implementation of any other provision.
5.13 COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.
SIGNATURES ON THE FOLLOWING PAGES
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective representatives hereunto authorized as of the day and year first above written.
By Seller:
ALSET EHOME INTERNATIONAL INC. | ||
| By: | /s/ Heng Fai Ambrose Chan | |
| Name: | Heng Fai Ambrose Chan | |
| Title: | Chief Executive Officer | |
| By Buyer: | ||
| DSS, INC. | ||
| By: | /s/ Frank D. Heuszel | |
| Name: | Frank D. Heuszel | |
| Title: | Chief Executive Officer | |
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Exhibit 10.3
AGREEMENT TO TERMINATE
STOCK PURCHASE AGREEMENT
Effective as of February 28, 2022 (the “Effective Date”), DSS, Inc. (the “Buyer”), and Alset EHome International Inc. (the “Seller”) enter into and agree as provided in this Agreement to Terminate Stock Purchase Agreement (the “Termination Agreement”).
RECITALS:
| A. | Buyer and Seller are parties to a Stock Purchase Agreement dated into January 18, 2022 (the “Purchase Agreement”) wherein the Buyer was to purchase 100% of the common stock of True Partner International (the “True Partner International Common Stock”) and 62,122,908 shares of stock HK$0.01 par value per share of True Partner International Limited (“True Partner”) in exchange for 11,397,080 shares of common stock $0.02 par value per share of the Buyer (“DSS Common Stock”). | |
| B. | The parties now desire to terminate the Purchase Agreement as provided in this Termination Agreement. |
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller agree as follows:
| 1. | Termination. The Purchase Agreement and each of its terms and provisions will in all respects terminate, be canceled and have no further force or effect from and after the Effective Date. | |
| 2. | No Further Obligations. From and after the Effective Date, no party to the Purchase Agreement will have any further obligation under, as a result of or in connection with the Purchase Agreement, and each party to this Termination Agreement releases each of the other parties from any such obligation. | |
| 3. | Miscellaneous. This Termination Agreement (i) will be binding upon the parties and their respective successors and assigns; (ii) may not be modified or amended except by a written instrument signed by each party against whom enforcement of the modification or amendment is sought; (iii) may be executed in any number of counterparts, and by any party on a separate counterpart, all of which together will constitute one and the same instrument. A signed counterpart of this Agreement faxed, or scanned and emailed, by a party to another party will constitute delivery by the sending party to the recipient party, may be treated by the recipient party as an original, and will be admissible as evidence of such signed and delivered counterpart. |
Executed as of the date first written above.
DSS, Inc. |
Alset EHome International, Inc | |||
| By: | /s/ Frank D. Heuszel | By: | /s/ Alan Lui | |
| Frank D. Heuszel | Alan Lui | |||
| Chief Executive Officer | Co-Chief Financial Officer | |||
Exhibit 10.4
AGREEMENT TO TERMINATE
STOCK PURCHASE AGREEMENT
Effective as of February 28, 2022 (the “Effective Date”), DSS, Inc. (the “Buyer”), and Alset EHome International Inc. (the “Seller”) enter into and agree as provided in this Agreement to Terminate Stock Purchase Agreement (the “Termination Agreement”).
RECITALS:
| A. | Buyer and Seller are parties to a Stock Purchase Agreement dated into January 18, 2022 wherein the Buyer was to purchase 877,248,065 of the common shares of Alset International Limited owned by Seller (the “Purchase Agreement”). | |
| B. | The parties now desire to terminate the Purchase Agreement as provided in this Termination Agreement. |
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller agree as follows:
| 1. | Termination. The Purchase Agreement and each of its terms and provisions will in all respects terminate, be canceled and have no further force or effect from and after the Effective Date. | |
| 2. | No Further Obligations. From and after the Effective Date, no party to the Purchase Agreement will have any further obligation under, as a result of or in connection with the Purchase Agreement, and each party to this Termination Agreement releases each of the other parties from any such obligation. | |
| 3. | Miscellaneous. This Termination Agreement (i) will be binding upon the parties and their respective successors and assigns; (ii) may not be modified or amended except by a written instrument signed by each party against whom enforcement of the modification or amendment is sought; (iii) may be executed in any number of counterparts, and by any party on a separate counterpart, all of which together will constitute one and the same instrument. A signed counterpart of this Agreement faxed, or scanned and emailed, by a party to another party will constitute delivery by the sending party to the recipient party, may be treated by the recipient party as an original, and will be admissible as evidence of such signed and delivered counterpart. |
Executed as of the date first written above.
| DSS, Inc. | Alset EHome International Inc. | |||
| By: | /s/ Frank D. Heuszel | By: | /s/ Alan Lui | |
| Frank D. Heuszel | Alan Lui | |||
| Chief Executive Officer | Co-Chief Financial Officer | |||
Cover |
Feb. 28, 2022 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Feb. 28, 2022 |
| Entity File Number | 001-32146 |
| Entity Registrant Name | DSS, INC. |
| Entity Central Index Key | 0000771999 |
| Entity Tax Identification Number | 16-1229730 |
| Entity Incorporation, State or Country Code | NY |
| Entity Address, Address Line One | 6 Framark Drive |
| Entity Address, City or Town | Victor |
| Entity Address, State or Province | NY |
| Entity Address, Postal Zip Code | 14564 |
| City Area Code | (585) |
| Local Phone Number | 325-3610 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.02 Par Value |
| Trading Symbol | DSS |
| Security Exchange Name | NYSEAMER |
| Entity Emerging Growth Company | false |