DIGITAL ALLY ANNOUNCES PROPOSED UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK
Digital Ally, Inc. (DGLY) announced plans for a public offering of its common stock. The company aims to sell shares with an option for the underwriter to purchase an additional 15% to cover over-allotments. Proceeds from the offering will be utilized for working capital, product development, order fulfillment, and general corporate purposes. The offering is contingent on market conditions, and no assurance can be provided regarding its completion or terms. Aegis Capital Corp. acts as the sole book-running manager for this offering.
- Proceeds will support working capital and product development, potentially enhancing future growth.
- The offering provides an opportunity to secure funds for order fulfillment and corporate purposes.
- Issuing new shares may lead to shareholder dilution.
- Market conditions may affect the ability to complete the offering or alter its terms.
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, today announced that it intends to offer shares of its common stock for sale in an underwritten public offering. 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 solely to cover over-allotments, if any. The Company intends to use the net proceeds from this offering for working capital, product development, order fulfillment and for general corporate purposes. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-239419) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 25, 2020 and declared effective by the SEC on July 2, 2020. A preliminary 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 preliminary prospectus supplement and the accompanying prospectus may be obtained, when available, 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 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
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