Duos Technologies Group, Inc. (OTCMKTS:DUOT) Files An 8-K Other Events
Item 8.01
Other Events.
As previously reported, Duos Technologies Group, Inc., a Florida corporation (the “Company”) entered into an Underwriting Agreement dated as of February 12, 2020 (the “Underwriting Agreement”) with ThinkEquity, a division of Fordham Financial Management, Inc., as representative of the underwriters listed therein (the Underwriters), to which the Company agreed to sell to the Underwriters in a firm commitment underwritten public offering (the Offering) an aggregate of 1,350,000 shares of the Companys common stock, par value $0.001 per share (the Common Stock), at a public offering price of $6.00 per share. In addition, the Underwriters were granted an over-allotment option (the Over-allotment Option) for a period of 45 days to purchase up to an additional 202,500 shares of Common Stock to cover over-allotments, if any. The Common Stock was offered and sold to the public to the Companys registration statement on Form S-1 (File No. 333-235455), filed by the Company with the Securities and Exchange Commission on December 11, 2019, as amended, which became effective on February 12, 2020.
On February 20, 2020, to and in compliance with the terms and conditions of the Underwriting Agreement and the Offering, the Underwriters provided notice that they would partially exercise the Over-allotment Option to purchase 192,188 shares of Common Stock at $6.00 per share (the Over-Allotment Exercise). The sale of the Over-Allotment Exercise to purchase 192,188 shares of Common Stock closed on February 21, 2020. The Company has received gross proceeds of approximately $9.25 million for the Offering to date, including the exercise of the Over-Allotment Exercise, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company.
On February 21, 2020, the Company issued a press release announcing the Over-Allotment Exercise. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits.
DUOS TECHNOLOGIES GROUP, INC. Exhibit
EX-99.1 2 duot_ex99z1.htm PRESS RELEASE Press Release EXHIBIT 99.1 duostech Duos Technologies Announces Exercise of Over-Allotment Option Jacksonville,…
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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.