Digital Ally, Inc. Prices Underwritten Public Offering of Common Stock
September 26 2018 - 8:49AM
Digital Ally, Inc. (“Digital Ally” or the “Company”) (Nasdaq:
DGLY), today announced the pricing of an underwritten public
offering of 2,400,000 shares of its common stock at a price of
$3.05 per share. The Company has also granted to the underwriter a
forty-five (45)-day option to acquire an additional 360,000 shares
to cover overallotments in connection with the offering. After the
underwriting discount and estimated offering expenses payable by
the Company, the Company expects to receive net proceeds of
approximately $6.75 million, assuming no exercise of the
overallotment option. The offering is expected to close on
September 28, 2018, subject to customary closing conditions.
Roth Capital Partners, LLC is serving as the
representative of the underwriters and sole book-running manager,
and Aegis Capital Corp. is serving as a co-manager for the
offering.
The Company intends to use the net proceeds from
the offering for working capital and other general corporate
purposes.
The shares described above are being offered by
Digital Ally pursuant to a shelf registration statement on Form S-3
(File No. 333-225227) previously filed with and subsequently
declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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. Copies of the preliminary prospectus supplement and
accompanying base prospectus relating to this offering may be
obtained from Roth Capital Partners, 888 San Clemente Drive, Suite
400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the
SEC’s website, www.sec.gov.
About Digital Ally
Digital Ally, Inc., headquartered in Lenexa, KS,
specializes in the design and manufacturing of video recording
equipment and video analytic software. Digital Ally pushes the
boundaries of technology in industries such as law enforcement,
emergency management, commercial fleets, and consumer use. Digital
Ally’s complete product solutions include in-car and body cameras,
cloud and local management software, 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
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This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Act of 1934,
as amended. 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 the Company’s 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 schedule upon
which the Company’s litigation against Axon Enterprise, Inc.
(“Axon”), Enforcement Video, LLC dba WatchGuard Video
(“WatchGuard”) and Utility Associates, Inc. (“Utility”) will
proceed; whether the Company will prevail in its patent litigation
against Axon, WatchGuard and Utility; the amount of any damages
that might be awarded to the Company if it is successful in the
litigation proceedings; whether the funding received from Brickell
Key Investments LP will be sufficient to fully cover the litigation
expenses against Axon, WatchGuard and Utility; competition from
larger, more established companies with far greater economic and
human resources; the Company’s ability to attract and retain
customers and quality employees; and the effect of changing
economic conditions. These cautionary statements should not be
construed as exhaustive or as any admission as to the adequacy of
the Company’s disclosures. It 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 because 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, 2017 and Quarterly Reports on Form 10-Q for
the three and six months ended March 31, 2018 and June 30, 2018,
respectively, as filed with the SEC on EDGAR.
Contact Information
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
913-814-7774
info@digitalallyinc.com
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