DIGITAL ALLY PRICES $5 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
June 08 2020 - 8:20AM
Digital Ally, Inc. (DGLY) (the “Company”), which develops,
manufactures and markets advanced video recording products for law
enforcement, emergency management, fleet safety and
security, today announced the pricing of an underwritten
public offering of 2,325,581 shares of its common stock at a price
of $2.15 per share, for gross proceeds to the Company of
approximately $5 million, before deducting underwriting discounts
and other offering expenses. The Company intends to use the net
proceeds from this offering for working capital, product
development, order fulfillment and for general corporate purposes.
The Company priced the offering based on the last closing price.
In addition, the Company has granted the
underwriter a 45-day option to purchase up to an additional 213,953
shares of common stock offered in the public offering to cover
over-allotments, if any.
Aegis Capital Corp. is acting as the
sole book-running manager for the offering. The
offering is expected to close on June 10, 2020, subject to
customary closing conditions.
This offering is being made pursuant 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
final prospectus supplement relating to the offering will be filed
with the SEC and will be available on the SEC’s website located
at http://www.sec.gov. Electronic copies of
the prospectus supplement and the accompanying prospectus may be
obtained, when available, 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. Before investing in this offering, interested
parties should read in their entirety the prospectus supplement and
the accompanying prospectus and the other documents that the
Company has filed with the SEC that are incorporated by reference
in such prospectus supplement and the accompanying prospectus,
which provide more information about the Company and such
offering.
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 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, 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, 2019, as filed with the Securities and Exchange
Commission.
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