In Preparation for Planned NASDAQ Up-listing
JACKSONVILLE, FL -- (Marketwired) -- 05/10/17 -- Duos Technologies Group, Inc. (OTCQB: DUOT)(OTCQB: DUOTD) (the "Company"), a provider of intelligent analytical technology solutions, announced today that the reverse stock split of the Company's issued and outstanding common stock at a ratio of 1 for 35 became effective and the Company's common stock began trading on a post-split basis on Monday, May 1, 2017.
The reverse stock split was implemented by the Company in connection with its application to list the Company's common stock on the NASDAQ Capital Market and was necessary in order to fulfill the stock price requirements for such listing. Additionally, in order to list, among other things, the Company's common stock must maintain a minimum closing price per share of $4.00 or higher for 30 of the most recent 60 trading days; however, there is no assurance that the application to list the Company's common stock on the NASDAQ will be approved.
Gianni Arcaini, Duos Technologies Group, Inc. CEO, commented, "The reverse split represents a significant milestone for the Company, as we approach our goal of having the Company's common stock listed on the NASDAQ Capital Market, which we expect will attract a broader audience of informed investors."
The Company's common stock began trading on a post-split basis at the open of trading on Monday, May 1, 2017 (the "Effective Date") under a new CUSIP number. The Company's trading symbol will be DUOTD for 20 days post the Effective Date, at which point the Company's trading symbol will revert to DUOT.
Because of the 1 for 35 reverse stock split, every 35 shares of the Company's issued and outstanding common stock will be converted into 1 share of issued and outstanding common stock. The number of authorized shares will remain unchanged. No fractional shares will be issued in connection with the stock split. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole share. It is not necessary for stockholders to exchange their existing stock certificates for new stock certificates in connection with the reverse stock split. Stockholders who hold their shares in brokerage accounts are not required to take any action to exchange their shares.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (OTCQB: DUOT)(OTCQB: DUOTD), through its wholly owned operating subsidiary Duos Technologies, Inc., based in Jacksonville, FL, provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. The company's core competencies include advanced intelligent technologies that are delivered through its proprietary integrated enterprise command and control platform, Centraco™. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail, utilities, petrochemical, healthcare, and hospitality sectors. Duos Technologies Group, Inc. also offers IT and professional services.
For more information, visit: http://www.duostech.com.
Forward Looking Statements
This press release contains forward-looking statements that may involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events, are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements because of several factors, including but not limited to market-wide acceptance of the surveillance system, revenue generation and ultimate profitability, our business environment and industry trends, competitive environment, the sufficiency and availability of working capital and general changes in economic conditions. We undertake no obligation to revise or update any forward-looking statement for any reason.
Source: Duos Technologies Group, Inc.
Released May 10, 2017