DIGITAL ALLY ANNOUNCES DECISION NOT TO PROCEED WITH PROPOSED UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
January 06 2021 - 10:00PM
Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), which
develops, manufactures and markets advanced video recording
products and other critical safety products for law enforcement,
emergency management, fleet safety and security, announced that,
due to market conditions, it has elected not to proceed at this
time with its previously announced plans to pursue an underwritten
public offering of its common stock.
Digital Ally remains well capitalized and
expects that its existing cash and cash equivalents will be
sufficient to fund its operating expenses and capital expenditure
requirements until at least the end of 2021.
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 high
quality video recording equipment, video analytic software and
disinfectant and related safety products. Digital Ally pushes the
boundaries of technology in industries such as law enforcement,
emergency management, fleet safety, safety products and security.
Digital Ally’s complete product solutions include vehicle and body
cameras, flexible software storage, automatic recording technology
and various critical safety products. These products work
seamlessly together and are simple to install and operate. In
addition, Digital Ally launched virus-response product lines
including a non-contact thermometer/controlled-entry device under
the Company’s ThermoVu™ brand and an EPA Category IV
disinfectant/sanitizer under the Company’s Shield™ brand. The
Company has also recently launched its Shield line of PPE products,
including electrostatic sprayers, masks and gloves. 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 ability to complete
the financing, its intended use of proceeds, the Company’s ability
to comply with the applicable continued listing requirements or
standards of Nasdaq, 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 shelf registration statement on
Form S-3 (No. 333-239419), as filed with the Securities and
Exchange Commission.
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