Lucosky Brookman client, Duos Technologies Group, Inc., Announces $11 Million Private Placement
Lucosky Brookman congratulates its client, Duos Technologies Group, Inc. (OTC: DUOT), a provider of intelligent security analytical technology solutions. On November 24, 2015 the Company closed on subscriptions for a private placement in the amount of approximately $11 million of its Class A and Class B units.
Class A units consist of one share of common stock and a warrant to purchase one share of common stock and were sold at a negotiated price of $0.50 per unit. Class B units consist of one share of Series A Preferred Stock and a warrant to purchase one share of common stock for each share of common stock and were sold at a negotiated price of $1,000 per unit. The exercise price of the warrants is $0.65 per share, subject to adjustment.
The net proceeds of the offering are expected to be used for sales and marketing, research and development, the repayment of certain debt, for working capital and for general corporate purposes.