Investor buys senior secured notes and warrants for 2.5 million shares
By Devika Patel
Knoxville, Tenn., April 6 – Duos Technologies Group, Inc. completed a $1.8 million private placement of senior secured notes with a single investor on March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Aegis Capital Corp. was the agent.
The 14% note is due April 1, 2019. It may be prepaid at 103 in the first year and at 102 in the second year.
The investor also received a warrant for 2.5 million shares, which is exercisable at $0.35 until April 1, 2021. The strike price is a 40% premium to the March 30 closing share price of $0.25.
Proceeds will be used for working capital, general corporate purposes and Duos' settlement of $550,000 with Corky Wells Electric.
The Jacksonville, Fla., company provides technology applications and turnkey engineered systems to the government, health care, transportation, utilities, and commercial and industrial sectors.
| Issuer: | Duos Technologies Group, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $1.8 million
|
| Maturity: | April 1, 2019
|
| Coupon: | 14%
|
| Call: | At 103 in the first year and at 102 in the second
|
| Warrants: | For 2.5 million shares
|
| Warrant expiration: | April 1, 2021
|
| Warrant strike price: | $0.35
|
| Agent: | Aegis Capital Corp.
|
| Settlement date: | March 31
|
| Stock symbol: | OTCBB: DUOT
|
| Stock price: | $0.25 at close March 30
|
| Market capitalization: | $19.32 million
|
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