DIGITAL ALLY CLOSES $2.9 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
March 03 2020 - 1:13PM
Digital Ally, Inc. (NASDAQ:DGLY), which develops, manufactures and
markets advanced video recording products for law enforcement,
emergency management, fleet safety and security, today announced
the closing of an underwritten public offering of 2,521,740 shares
of its common stock at a price of $1.15 per share, for gross
proceeds to the Company of approximately $2.9 million, before
deducting underwriting discounts and other offering expenses. The
Company intends to use the net proceeds from this offering to fund
the repayment of debt and for general corporate purposes.
In addition, the Company has granted the
underwriter a 45-day option to purchase up to an additional 15
percent of the shares of common stock offered in the public
offering to cover over-allotments, if any.
Aegis Capital Corp. acted as sole bookrunner for
the offering.
This offering was made pursuant to a prospectus
supplement to an effective shelf registration statement on Form S-3
(No. 333-225227) previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) and declared effective by the SEC
on June 6, 2018. A prospectus supplement and accompanying
prospectus describing the terms of the proposed offering was filed
with the SEC on February 28, 2020 and is available on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement and the accompanying prospectus when
available, may be obtained by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 810 7th Avenue, 18th floor, New
York, NY 10019, by email at syndicate@aegiscap.com, or by telephone
at (212) 813-1010.
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 Digital Ally
Digital Ally®, headquartered in Lenexa, KS,
specializes in the design and manufacturing of the highest quality
video recording equipment and video analytic software. Digital Ally
pushes the boundaries of technology in industries such as law
enforcement, emergency management, fleet safety and security.
Digital Ally’s complete product solutions include vehicle and body
cameras, flexible software storage, and automatic recording
technology. These products work seamlessly together and are simple
to install and operate. Digital Ally products are sold by domestic
direct sales representatives and international distributors
worldwide.
For additional news and information please
visit www.digitalallyinc.com or follow additional Digital
Ally, Inc. social media channels here:
Contact Information Stanton Ross, CEO Tom
Heckman, CFO Digital Ally, Inc. 913-814-7774
info@digitalallyinc.com
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Act of 1934. These
forward-looking statements are based largely on the expectations or
forecasts of future events, can be affected by inaccurate
assumptions, and are subject to various business risks and known
and unknown uncertainties, a number of which are beyond the control
of management. Therefore, actual results could differ materially
from the forward-looking statements contained in this press
release. A wide variety of factors that may cause actual results to
differ from the forward-looking statements include, but are not
limited to, the following: the Company's intended use of proceeds,
the Company’s ability to comply with the applicable continued
listing requirements or standards of Nasdaq, the decision of the
United States Court of Appeals regarding the Company’s appeal of
the District Court’s decision in the Axon litigation; whether
the Company will ultimately prevail in its patent litigation
against Axon; competition from larger, more established companies
with far greater economic and human resources; its ability to
attract and retain customers and quality employees; the effect of
changing economic conditions; and changes in government
regulations, tax rates and similar matters. These cautionary
statements should not be construed as exhaustive or as any
admission as to the adequacy of the Company's disclosures. The
Company cannot predict or determine after the fact what factors
would cause actual results to differ materially from those
indicated by the forward-looking statements or other statements.
The reader should consider statements that include the words
"believes," "expects," "anticipates," "intends," "estimates,"
"plans," "projects," "should," or other expressions that are
predictions of or indicate future events or trends, to be uncertain
and forward-looking. The Company does not undertake to publicly
update or revise forward-looking statements, whether as a result of
new information, future events or otherwise. Additional information
respecting factors that could materially affect the Company and its
operations are contained in its annual report on Form 10-K for the
year ended December 31, 2018 and quarterly report on Form 10-Q for
the three and nine months ended September 30, 2019, as filed with
the Securities and Exchange Commission.
Digital Ally (NASDAQ:DGLY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Digital Ally (NASDAQ:DGLY)
Historical Stock Chart
From Apr 2023 to Apr 2024