Digital Ally, Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement
June 12 2020 - 12:57PM
Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), which develops,
manufactures and markets advanced video recording products for law
enforcement, emergency management, fleet safety and security, today
announced that on June 12, 2020 it received written notice from the
Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC
(“Nasdaq”) stating that the Company regained compliance with the
applicable Nasdaq minimum bid price continued listing requirement
and the matter is now closed.
The Company had previously been notified by
Nasdaq on April 22, 2020 that it was not in compliance with the
minimum bid price requirement because its common stock failed to
maintain a minimum bid price of at least $1.00 for 30 consecutive
business days. In order to regain compliance with Nasdaq Listing
Rule 5550(a)(2), the Company was required to maintain a minimum
closing bid price of at least $1.00 for at least 10 consecutive
trading days, which was achieved on June 11, 2020. The Company’s
closing price on June 11th was $4.15.
About Digital Ally, Inc.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:
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Contact InformationStanton Ross, CEOTom
Heckman, CFODigital 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 maintain
compliance with the Nasdaq minimum bid price requirement; the
Company’s ability to reach compliance with the minimum Market Value
of Listed Securities for our Common Stock by achieving our
compliance plan and ultimately being able to evidence shareholder
equity in an amount greater than or equal to $2,500,000 in
accordance with Rule 5550(b)(1) no later than June 30, 2020; 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, and its Quarterly Report on Form 10-Q
for the three months ended March 31, 2020, as filed with the
Securities and Exchange Commission.
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