Current Report Filing (8-k)
November 30 2021 - 4:31PM
Edgar (US Regulatory)
0001396536
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0001396536
2021-11-23
2021-11-23
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xbrli:shares
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 23, 2021
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Duos Technologies Group, Inc.
(Exact name of registrant as specified in its
charter)
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Florida
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001-39227
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65-0493217
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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6622 Southpoint Drive S., Suite 310, Jacksonville,
Florida 32216
(Address of Principal Executive Offices) (Zip
Code)
(904) 652-1601
(Registrant’s telephone number, including
area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock (par value $0.001 per share)
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DUOT
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On November 23, 2021, Duos Technologies Group, Inc.
(the “Company”) received from The Nasdaq Stock Market LLC (“Nasdaq”) a letter indicating that it is not in compliance
with Nasdaq Marketplace Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2,500,000
in stockholders’ equity for continued listing. On its quarterly report for the period ended September 30, 2021, the Company reported
stockholders’ equity of $865,221, and, as a result, does not currently satisfy Nasdaq Marketplace Rule 5550(b)(1).
Nasdaq’s letter has no immediate impact on the
listing of the Company’s common stock, which will continue to be listed and traded on Nasdaq, subject to the Company’s compliance
with the other continued listing requirements. Nasdaq’s letter provides the Company 45 calendar days, or until January 7, 2022,
to submit a plan to regain compliance. If the plan is accepted, the Company can be granted up to 180 calendar days from November 23, 2021
to evidence compliance. There can be no guarantee that the Company will be able to regain compliance with the continued listing requirement
of Nasdaq Marketplace Rule 5550(b)(1) or that its plan will be accepted by Nasdaq.
The Company intends to take all reasonable measures
available to regain compliance under the Nasdaq Listing Rules and remain listed on the Nasdaq. The Company is currently evaluating its
available options to resolve the deficiency and regain compliance with the Nasdaq minimum stockholders’ equity requirement. The Company
intends to submit the compliance plan as soon as practicable.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
Exhibit No.
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Description of Exhibit
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104
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Cover Page Interactive Data File
(formatted as Inline XBRL and contained in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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DUOS TECHNOLOGIES GROUP, INC.
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Dated: November 30, 2021
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By:
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/s/ Adrian Goldfarb
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Adrian Goldfarb
Chief Financial Officer
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