Duos Technologies Raises $40M in Oversubscribed IPO

Duos Technologies has priced its upsized and oversubscribed public offering at $6.00 per share, selling 6.67 million shares. The offering, which was expected to raise $33 million, is now expected to raise over $40 million. Underwriters have a 30-day option to buy up to 838,851 additional shares.

Duos Technologies Group, Inc. (Nasdaq: DUOT) has successfully priced its public offering at $6.00 per share, selling 6,666,667 shares. This offering, which was initially expected to raise $33 million, has now been upsized and oversubscribed, raising over $40 million. The underwriters have a 30-day option to purchase up to 838,851 additional shares to cover over-allotments [1].

The proceeds from this offering will be used to expand the company's Edge Data Center business, execute on its $50 million revenue pipeline, and advance to Stage 2 of its EDC strategy, which involves deploying 65 additional Edge Data Centers. This strategic funding will enable Duos to capitalize on the accelerating demand in the edge computing market [1].

The strong investor demand is evident in the participation of leading long-only mutual funds and global investment managers, indicating thorough due diligence and confidence in Duos' business model. The company's focus on expanding its Edge Data Center business underscores its strategic direction and potential for future growth [1].

With over $40 million in expected cash on hand, Duos is now fully capitalized to fulfill its $50 million revenue pipeline and advance the deployment of 65 additional Edge Data Centers. The offering is expected to close around August 1, 2025 [1].

References:

[1] https://www.stocktitan.net/news/DUOT/duos-technologies-group-inc-announces-pricing-of-40-million-upsized-zus38x8gc0sa.html