DIGITAL ALLY ANNOUNCES DECISION NOT TO PROCEED WITH PROPOSED UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK

Rhea-AI Summary

Digital Ally (NASDAQ: DGLY) announced that it will not proceed with its planned underwritten public offering of common stock due to current market conditions. The company maintains a strong financial position, expecting its cash reserves to cover operating expenses and capital needs through at least the end of 2021. This decision reflects caution in navigating market dynamics, ensuring the company's stability without further diluting shareholder value.

Positive

• Company remains well capitalized and expects sufficient cash to fund operations through at least the end of 2021.

Negative

• Decision to halt the public offering suggests potential unfavorable market conditions.

Lenexa, KS, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), which develops, manufactures and markets advanced video recording products and other critical safety products for law enforcement, emergency management, fleet safety and security, announced that, due to market conditions, it has elected not to proceed at this time with its previously announced plans to pursue an underwritten public offering of its common stock.

Digital Ally remains well capitalized and expects that its existing cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements until at least the end of 2021.

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 high quality video recording equipment, video analytic software and disinfectant and related safety products. Digital Ally pushes the boundaries of technology in industries such as law enforcement, emergency management, fleet safety, safety products and security. Digital Ally’s complete product solutions include vehicle and body cameras, flexible software storage, automatic recording technology and various critical safety products. These products work seamlessly together and are simple to install and operate. In addition, Digital Ally launched virus-response product lines including a non-contact thermometer/controlled-entry device under the Company’s ThermoVu^™ brand and an EPA Category IV disinfectant/sanitizer under the Company’s Shield^™ brand. The Company has also recently launched its Shield line of PPE products, including electrostatic sprayers, masks and gloves. 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, 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 shelf registration statement on Form S-3 (No. 333-239419), as filed with the Securities and Exchange Commission.

FAQ

Why did Digital Ally cancel its common stock offering?

Digital Ally canceled its planned common stock offering due to unfavorable market conditions.

What is the financial status of Digital Ally as of January 2021?

Digital Ally is well capitalized, with enough cash and cash equivalents to fund its operating expenses until at least the end of 2021.

What stock symbol represents Digital Ally?

Digital Ally is represented by the stock symbol DGLY.