Duos Technologies Group Inc (NASDAQ:DUOT) has raised a further $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 $6 a thow in the $8 million raise.
The same day, the group started trading on the Nasdaq exchange.
Today, the group said the underwriters had partially exercised and closed on their over-allotment option and bought an additional 192,188 shares at $6 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.
The company's tech offers solutions in the rail transportation, retail, petrochemical, government, and banking sectors.
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 financial year 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.