Duos Tech raises $5M from existing investors via Series F convertible at $6.20/sh conversion

DUOS TECHNOLOGIES GROUP, INC.

Sold 5,000 shares of Series F Convertible Preferred Stock at $1,000 each for aggregate proceeds of $5,000,000 to existing investors.
Conversion price set at $6.20 per share; each share convertible into common stock subject to 19.99% beneficial ownership limit.
Series F carries 161 votes per share (adjustable) but capped at beneficial ownership limit; votes together with common on all matters.
Company must file registration statement for resale of conversion shares within 90 days of closing; registration rights agreement.
Certificate of Designation filed on July 31, 2023 authorizing Series F; terms include dividend participation, liquidation preference.

item 1.01 item 3.02 item 3.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

DUOS TECHNOLOGIES GROUP, INC.: Filed Certificate of Designation for Series F Convertible Preferred Stock, amending certificate of incorporation (effective 2023-07-31).

Change: charter amendment
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, the Company amended its Certificate of Incorporation by filing the Certificate of Designation of Preferences, Rights and Limitations of Series F Convertible Preferred Stock

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DUOS TECHNOLOGIES GROUP, INC. entered into Securities Purchase Agreement with certain existing investors in the Company (the "Purchasers") valued at $5,000,000 (effective 2023-08-01).

Action: entry
Agreement: equity purchase
Counterparty: certain existing investors in the Company (the "Purchasers")
Value: $5,000,000
Effective: 2023-08-01

Exact text from the filing

On August 1, 2023, Duos Technologies Group, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain existing investors in the Company (the “Purchasers”).

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DUOS TECHNOLOGIES GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001079973-23-001050

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