Duos Technologies: Granted Underwriters 30-Day Option to Purchase Up to an Additional 1.3M Shares to Cover Over-Allotments at Public Offering Price >DUOT
DUOT has more than doubled off its 52-week low of $3.842.
Summary
Duos Technologies Group has granted its underwriters a 30-day option to purchase up to an additional 1.3 million shares of common stock at the public offering price to cover over-allotments. This option follows the company's recently priced public offering, which aimed to raise approximately $65 million by selling 8.666 million shares. The potential exercise of this option would result in further material dilution for existing shareholders, adding to the impact of the initial offering. Investors should monitor whether the underwriters exercise this option within the 30-day period.
At the time of this announcement, DUOT was trading at $7.73 on NASDAQ in the Technology sector, with a market capitalization of approximately $183.5M. The 52-week trading range was $3.84 to $12.17. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.