Duos Technologies Group, Inc. (OTCMKTS:DUOT) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03. Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
1-for-35 Reverse Stock Split
Effective April 26, 2017, Duos Technologies Group, Inc., a
Florida corporation (the Company), filed an Articles of Amendment
to the Articles of Incorporation of the Company (the Amendment)
to effectuate a reverse split of the Companys issued and
outstanding common stock at an exchange ratio of 1-for-35 (the
Reverse Split).
The Reverse Split is being implemented by the Company in
connection with an application filed to up-list the Companys
common stock on the NASDAQ Capital Market (NASDAQ). The Reverse
Split is intended to fulfill the stock price requirements for
listing on NASDAQ since the requirements include, among other
things, that the Companys common stock must maintain a minimum
closing price per share of $4.00 or higher for 30 of the most
recent 60 trading days. There is no assurance that the Companys
application to up-list the Companys common stock on NASDAQ will
be approved.
On April 28, 2017, the Company received notice from Financial
Industry Regulatory Authority that the Reverse Split has been
approved and will take effect at the opening of trading on May 1,
2017.
The above description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
Amendment, which is attached hereto as Exhibit 3.1 to this
Current Report on Form 8-K.
Item. 8.01. Other Items
The information set forth in Item 5.03 is incorporated by
reference.
Effective April 26, 2017, as a result of the Reverse Split, every
thirty-five (35) shares of the Companys issued and outstanding
common stock will be converted into one (1) share of issued and
outstanding common stock. The number of authorized shares will
remain unchanged. No fractional shares will be issued in
connection with the Reverse Split. Any fractional shares of
common stock resulting from the Reverse Split will be rounded up
to the nearest whole share. It is not necessary for stockholders
to exchange their existing stock certificates for new stock
certificates in connection with the Reverse Split. Stockholders
who hold their shares in brokerage accounts are not required to
take any action to exchange their shares.
The Companys shares will continue to trade on The OTC Markets
under the symbol DUOT with the letter D added to the end of the
trading symbol for a period of 20 trading days to indicate that
the Reverse Split has occurred.
The Reverse Split has no impact on shareholders proportionate
equity interests or voting rights in the Company or the par value
of the Companys common stock, which remains unchanged.
Item 9.01. Exhibits
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Exhibit No. |
Description |
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3.1 |
Articles of Amendment to Articles of Incorporation |
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About Duos Technologies Group, Inc. (OTCMKTS:DUOT)
Duos Technologies Group, Inc. (Duos), formerly Information Systems Associates, Inc., is primarily engaged in the design and deployment of artificial intelligence driven intelligent technologies systems and information technology (IT) infrastructure services. The Company’s subsidiary, Duos Technologies, Inc. (duostech), is focused on the design, development and deployment of technology applications and turnkey engineered systems. It develops and deploys homeland and border security-centric critical infrastructure applications suite. It has two technology platforms: praesidium and centraco, both distributed as licensed software suites, and embedded within engineered turnkey systems. praesidium is a modular suite of analytics applications, which process and analyze data streams from conventional sensors and/or data points. Duos Technologies Group, Inc. (OTCMKTS:DUOT) Recent Trading Information
Duos Technologies Group, Inc. (OTCMKTS:DUOT) closed its last trading session down -0.002 at 0.172 with 17,000 shares trading hands.