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Investing.com -- Duos Technologies Group Inc (NASDAQ:DUOT) stock fell 15% in premarket trading after the company announced the pricing of its upsized public offering of common stock.
The provider of Edge Data Center solutions priced an underwritten public offering of 6,666,667 shares at $6.00 per share, before deducting underwriting discounts, commissions, and offering expenses. The company also granted underwriters a 30-day option to purchase up to an additional 838,851 shares to cover over-allotments at the same price.
Duos said the offering was oversubscribed and included participation from fundamental institutional investors, including a leading long-only mutual fund, several global investment managers, and existing investors.
The company plans to use the net proceeds to expand, accelerate, and further commercialize its Edge Data Center business. Duos stated that with over $40 million in cash now expected on its balance sheet, it is "fully capitalized to fulfill its $50 million revenue pipeline and advance deployment of 65 additional Edge Data Centers."
Titan Partners Group, a division of American Capital Partners (WA:CPAP), is acting as the sole bookrunner for the offering.
Charles Ferry, CEO of Duos Technologies, said the offering and support from investors "reflects confidence in Duos’ future and the transformational growth we are now positioned to unlock, with a strong cash position and accelerating demand from our Edge Data Center customers."
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