Insider Sale: Heng Fai Chan Disposes 130,679 DSS Shares at $1.35 Avg

Rhea-AI Filing Summary

Insider sale disclosed. On 08/28/2025, Heng Fai Ambrose Chan reported selling 130,679 shares of DSS, Inc. common stock at an average price of $1.3475, with trade prices ranging between $1.23 and $1.565. The Form 4 states the sale occurred in multiple trades and the reporting person undertakes to provide full trade-by-trade details upon request.

The filing reports 1,053,796 shares beneficially owned by Mr. Chan following the transaction and identifies additional holdings attributed to him: 1,002,978 shares held by Heng Fai Holdings Limited; 2,581,268 shares held by Alset Inc.; a $500,000 convertible promissory note held by Alset Inc.; 1,068,309 shares held by Alset International Limited; and 311,634 shares held by Global Biomedical Pte. Ltd. The Form 4 is signed 09/02/2025.

Positive

• Transparent disclosure of the sale date, number of shares sold, average price, and price range
• Undertaking to provide full trade details upon request enhances regulatory transparency
• Detailed breakdown of beneficial ownership across controlled entities and convertible note

Negative

• Insider sale of 130,679 shares reported on 08/28/2025 which reduces the reporting person's direct holdings
• Concentration of shares across related entities indicates significant insider exposure that could affect perceptions of insider liquidity needs

Insights

Financial Analyst

TL;DR: Insider disposition of 130,679 shares at ~$1.35 reported; significant affiliated holdings remain disclosed.

The transaction is a clear disclosure of a modest insider sale relative to the aggregated holdings disclosed. The sale quantity (130,679 shares) and average price ($1.3475) are explicit and accompanied by a price range, which aids transparency. Material aggregated holdings across related entities are sizeable and explicitly listed, indicating continued substantial insider economic exposure despite this sale. Impact on valuation or control cannot be assessed from this single sale alone.

Corporate Governance Expert

TL;DR: Form 4 shows compliant disclosure of an insider sale with detailed beneficial ownership across controlled entities.

The filing conforms to Section 16 reporting by specifying the sale date, shares sold, average sale price, and a willingness to provide trade-level details on request. The reporting person checks both Director and 10% owner boxes, and the explanation enumerates multiple controlled entities and instruments that constitute beneficial ownership. This level of disclosure supports governance transparency for shareholders monitoring insider activity.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chan Heng Fai Ambrose

(Last) (First) (Middle)

9 TEMASEK BOULEVARD

#16-04 SUNTEC TOWER TWO

(Street)

SINGAPORE U0 038989

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DSS, INC. [ DSS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/28/2025		S		130,679(1)	A	$1.3475(1)	1,053,796(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On August 28, 2025, Mr. Chan sold 130,679 shares of the Issuer's common stock at an average sale price of $1.3475. The shares were sold in multiple trades at prices ranging between $1.23 and $1.565. The reporting person hereby undertakes to provide, upon request of the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

2. The beneficial ownership of Mr. Chan may be deemed to include the following: (a) 1,002,978 shares of the Issuer's common stock held by Heng Fai Holdings Limited, an entity controlled by Heng Fai Chan; (b) 1,053,796 shares of the Issuer's common stock held by Mr. Chan directly; (c) 2,581,268 shares of the Issuer's common stock held by Alset Inc., an entity controlled by Mr. Chan; (d) a convertible promissory note in the amount of $500,000 held by Alset Inc. and convertible into shares of the Issuer's common stock; (e) 1,068,309 shares of the Issuer's common stock held by Alset International Limited, an entity controlled by Mr. Chan and a subsidiary of Alset Inc.; and (f) 311,634 shares of the Issuer's common stock held by Global Biomedical Pte. Ltd., an entity controlled by Mr. Chan and a subsidiary of Alset International Limited (which is a subsidiary of Alset Inc.).

	/s/ Heng Fai Ambrose Chan	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Heng Fai Ambrose Chan report on Form 4 for DSS (DSS)?

The Form 4 reports that on 08/28/2025 Mr. Chan sold 130,679 shares of DSS common stock at an average price of $1.3475 (trades ranged $1.23–$1.565).

How many DSS shares does Mr. Chan beneficially own after the reported transaction?

The filing reports 1,053,796 shares beneficially owned by Mr. Chan following the reported transaction.

Does the Form 4 disclose holdings through other entities?

Yes. The explanation lists holdings including 1,002,978 shares held by Heng Fai Holdings Limited, 2,581,268 shares held by Alset Inc., a $500,000 convertible note held by Alset Inc., 1,068,309 shares held by Alset International Limited, and 311,634 shares held by Global Biomedical Pte. Ltd.

When was the Form 4 signed and filed?

The Form 4 bears the reporting person's signature dated 09/02/2025.

Did the filer indicate relationship to DSS?

Yes. The filer checked boxes indicating he is a Director and a 10% owner of the issuer.