Duos Technologies Group brings in further $1.06M after over-allotment option is exercised

Duos Technologies Group Inc (NASDAQ:DUOT) has raised a further US$1.06 million in net proceeds after an over-allotment was exercised on the previously announced public offering, it said Friday. On February 13, the analytical technology solutions group, said it had offered 1.3 million shares at US$6 a thow in the US$8 million raise. The same day, the group started trading on the Nasdaq exchange. READ: Duos Technologies announces $8M pricing, makes Nasdaq debut Today, the group said the underwriters had partially exercised and closed on their over-allotment option and bought an additional 192,188 shares at US$6.00 each. Duos intends to use the net proceeds for research and development activities, sales and marketing, and for general working capital. ThinkEquity, a division of Fordham Financial Management, Inc, acted as sole book-running manager for the offering and The Benchmark Company acted as co-manager. Duos, based in Jacksonville, specializes in automated systems with a focus on the protection of critical infrastructure. Its tech offers solutions in the rail transportation, retail, petrochemical, government, and banking sectors. Record revenue In January this year, the company said it expected to post record revenue during its fiscal fourth quarter and full year 2019 periods. Preliminary  figures point to revenue of a record $5.7 million during the three-month period to December 31, 2019, with FY 2019 revenue also coming in at a record $13.6 million. The numbers represent a 123% increase over 4Q 2018 and a 13% increase from FY 2018, when the company saw revenue of $2.6 million and $12 million respectively.