Duos Technologies commences stock offering, updates Q3 revenue guidance

Oct. 03, 2022 9:26 AM ETDuos Technologies Group, Inc. (DUOT)By: Anuron Mitra, SA News Editor
  • Duos Technologies (NASDAQ:DUOT) on Monday said it had commenced a private investment in public equity (PIPE) stock offering, while updating its Q3 revenue guidance to incorporate Hurricane Ian's impact.
  • The company said in conjunction with the PIPE offering, it entered into a securities purchase agreement on Friday with five investors.
  • As per the securities purchase agreement, four investors bought a total of 818K shares at $3 per share, while one investor bought about 1K shares of a newly authorized preferred stock.
  • DUOT has got gross proceeds of about $3.45M and expects to get up to another $1.5M if the offering gets fully subscribed, the company said in a statement.
  • DUOT said it intends to use the proceeds to support a planned business expansion.
  • The company also said as a result of supply chain issues as well as Hurricane Ian's impact, it now expected Q3 revenue of $3.5M to $4M, compared to a consensus revenue estimate of $5.84M.
  • DUOT reaffirmed its 2022 revenue guidance of $16.5M to $18M, vs. consensus of $16.80M.
  • DUOT stock closed +11.2% at $4.06 on Friday.

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