Duos Technologies Secures $40 Million to Expand Edge Data Centers
Duos Technologies Group, Inc. Completes Significant Public Offering
Duos Technologies Group, Inc. (NASDAQ: DUOT), known for its innovative Edge Data Center (EDC) solutions, has recently completed a public offering that has garnered considerable attention. This offering was priced at $6.00 per share and raised a substantial $40 million. Investors displayed strong interest, resulting in an upsized and oversubscribed offering of 6,666,667 shares.
Purpose of the Offering
The proceeds from this offering are critical for Duos' plans to enhance its Edge Data Center operations. With this influx of cash, the company is poised to expedite its ambitious $50 million revenue pipeline and develop 65 additional Edge Data Centers. This strategic move is part of Duos' commitment to meeting the increasing demands of its clients.
Institutional Investor Participation
This successful capital raise saw primary participation from key institutional investors, including a leading long-only mutual fund and renowned global investment managers, alongside existing investors. This level of participation reflects a strong confidence in Duos' strategic direction and growth potential.
Advancing Edge Data Center Deployment
The initiation of the deployment for the new Edge Data Centers is a significant milestone for Duos Technologies. The funding allows the company not only to proceed with these developments but also to enhance the overall infrastructure that supports their advanced technology solutions.
Response from the CEO
CEO Charles Ferry expressed excitement regarding the offering and the robust support from both new and existing investors. He noted that this confidence strongly conveys the anticipated growth and demand for Duos' Edge Data Center solutions, establishing a solid foundation for future development.
Financial Strategy Moving Forward
The net proceeds from the public offering are expected to bolster Duos Technologies' Edge Data Center business further. The offering is positioned to accelerate both the expansion and commercialization of their unique EDC solutions, thus laying the groundwork for further advancements in the rapidly evolving tech landscape.
Upcoming Stages in Development
With the completion of this offering and the expected cash on hand, Duos is ideally situated to enter Stage 2 of its EDC strategy. This progression includes the utilization of cutting-edge technology in deploying 65 Edge Data Centers equipped to handle the next generation of customer needs across various sectors.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (NASDAQ: DUOT) is a pioneer in delivering adaptive and versatile Edge Data Center solutions tailored for various environments. With its team of experts, Duos designs and implements intelligent technology solutions focusing on real-time vehicle analysis and robust power consulting services. More information about the company can be accessed through its official website.
Frequently Asked Questions
What was the purpose of Duos Technologies' recent public offering?
The recent public offering aimed to raise funds for expanding and accelerating the deployment of Edge Data Centers, enhancing their revenue pipeline.
Who were the primary investors in this offering?
The offering attracted notable participation from established institutional investors, including a leading long-only mutual fund and global investment managers.
How many shares were offered in the public offering?
The public offering consisted of 6,666,667 shares of common stock priced at $6.00 each.
What stage is Duos Technologies planning to enter after the funding?
Following the funding, Duos Technologies is set to enter Stage 2 of its Edge Data Center strategy, focusing on deploying 65 additional centers.
How can investors contact Duos Technologies Group, Inc. for inquiries?
All inquiries can be directed to Fei Kwong, Director of Corporate Communications, at 904-652-1625 or via email at fk@duostech.com.
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