Digital Ally Announces Reverse Stock Split
February 07 2023 - 11:30AM
GlobeNewswire Inc.
Digital Ally, Inc. (NASDAQ: DGLY)
(the
“Company”),
a market leader for advanced video solutions, revenue cycle
management, and live event production and ticketing, today
announced a 1-for-20 reverse split (the "Reverse Stock Split") of
the Company’s common stock (the "Common Stock"). On February 6,
2023, the Company filed a certificate of amendment to the Company’s
articles of incorporation, as amended, with the Secretary of State
of the State of Nevada to effect the Reverse Stock Split. The
Company anticipates that the Common Stock will begin trading on the
Nasdaq Capital Market (“Nasdaq”) on a split-adjusted basis at the
start of trading on February 8, 2023 and will have a new CUSIP
number of 25382T200.
At the Company's annual meeting of stockholders
(the "Annual Meeting") held on December 7, 2022, the Company’s
stockholders approved a proposal to amend the Company’s Amended and
Restated Certificate of Incorporation to effect a reverse stock
split of its common stock at a ratio within the range of
one-for-five (1:5) to one-for-twenty (1:20), as determined by the
Company's Board of Directors. On January 13, 2023, the Company’s
Board of Directors approved the one-for-twenty Reverse Stock
Split.
Information to Stockholders
Securities Transfer Corporation, the Company’s
transfer agent, will send instructions to stockholders of record
who hold stock certificates regarding the exchange of certificates
for Common Stock. Stockholders who hold their shares of Common
Stock in book-entry form or in brokerage accounts or "street name"
are not required to take any action to effect the exchange of their
shares of Common Stock following the Reverse Stock Split.
Securities Transfer Corporation may be reached for questions at
(469) 633-0101.
About Digital Ally
Digital Ally Companies (NASDAQ: DGLY) through
its subsidiaries, is engaged in video solution technology, human
& animal health protection products, healthcare revenue cycle
management, ticket brokering and marketing, event production and
jet chartering. Digital Ally continues to add organizations that
demonstrate the common traits of positive earnings, growth
potential, innovation and organizational synergies.
For additional news and information please visit
www.digitalally.com or follow Digital Ally Inc. social media
channels here:
Facebook | Instagram | LinkedIn | Twitter
Contact InformationStanton Ross, CEOTom
Heckman, CFODigital Ally,
Inc.913-814-7774info@digitalallyinc.com
This press release contains forward-looking
statements, which are not historical facts, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Our actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements. In
some cases, you can identify forward-looking statements by the use
of words such as “may,” “could,” “expect,” “intend,” “plan,”
“seek,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “likely,” “will,” “would” and variations
of these terms and similar expressions, or the negative of these
terms or similar expressions and include statements regarding the
expected closing date of the offering. Readers are cautioned not to
place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties
including, but not limited to, the date that trading of the
post-split Common Stock will begin on a split-adjusted basis, the
Company’s ability to regain compliance with the Nasdaq Listing
Standards and maintain the listing of its securities on Nasdaq,
which may cause the Company’s actual results, and other risks
impacting Digital Ally’s business, such as, current macroeconomic
uncertainties associated with the COVID-19 pandemic, Digital Ally’s
ability to predict the timing of design wins entering production
and the potential future revenue associated with Digital Ally’s
design wins; Digital Ally’s rate of growth; Digital Ally’s ability
to predict customer demand for its existing and future products and
to secure adequate manufacturing capacity; consumer demand
conditions affecting Digital Ally’s customer’s end markets; Digital
Ally’s ability to hire, retain and motivate employees; the effects
of competition, including price competition; technological,
regulatory and legal developments; developments in the economy and
financial markets and other risks as may be more fully described in
the Company’s filings with the Securities and Exchange Commission.
The information in this press release is provided only as of the
date of this press release, and Digital Ally undertakes no
obligation to update any forward-looking statements contained in
this press release based on new information, future events, or
otherwise, except as required by law. Digital Ally disclaims any
obligation to update these forward-looking statements.
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