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JACKSONVILLE, Fla. - Duos Technologies Group, Inc. (NASDAQ:DUOT), whose stock has surged over 160% in the past year according to InvestingPro data, announced Wednesday the pricing of its upsized and oversubscribed public offering of 6,666,667 shares of common stock at $6.00 per share, expected to close around August 1, 2025.
The offering, which was oversubscribed, attracted fundamental institutional investors including a leading long-only mutual fund, global investment managers, and existing investors. The company has granted underwriters a 30-day option to purchase up to an additional 838,851 shares to cover over-allotments.
With the proceeds, Duos expects to have over $40 million in cash on its balance sheet, which the company states will fully capitalize it to fulfill its $50 million revenue pipeline and advance deployment of 65 additional Edge Data Centers.
"We are excited to announce this offering and the strong support from both new and existing investors," said Charles Ferry, CEO of Duos Technologies.
The net proceeds will be used to expand, accelerate, and further commercialize the company’s Edge Data Center business, according to the press release statement.
Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering, which is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission.
Duos Technologies Group designs, develops, deploys, and operates intelligent technology solutions for Machine Vision and Artificial Intelligence applications, including real-time analysis of fast-moving vehicles and Edge Data Centers.
In other recent news, Duos Technologies Group reported impressive financial results for Q1 2025, with revenue reaching $4.95 million, significantly surpassing the forecasted $4.15 million. This marked a 363% year-over-year increase in revenue. Additionally, Duos Technologies announced a public offering of its common stock, with plans to use the proceeds to expand its Edge Data Center business, aiming to develop and deploy over 65 new centers. The company is also set to deploy two new Edge Data Centers in Corpus Christi, Texas, by the end of July. These centers will act as communication hubs for various sectors, including mobile operators and enterprises. Furthermore, Duos Technologies, through its subsidiary Duos Edge AI, Inc., has partnered with Region 3 Education Service Center to establish an Edge Data Center in Victoria, Texas. This initiative will enhance digital access for 37 school districts in South Texas. The new center is designed to provide secure and scalable local computing capabilities.
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