DIGITAL ALLY PRICES $2.9 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
February 27 2020 - 10:59PM
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 pricing of an
underwritten public offering with gross proceeds to the Company
expected to be approximately $2.9 million before deducting
underwriting discounts and other estimated offering expenses. The
proposed offering equates to 2,521,740 shares of the Company’s
common stock at a price of $1.15 per share. 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 expects to grant 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. is acting as sole bookrunner
for the offering. The offering is expected to close on March 3,
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
prospectus supplement and accompanying prospectus describing the
terms of the proposed 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 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. 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, 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.
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