Digital Ally, Inc. - DGLY STOCK NEWS

Digital Ally, Inc. (NASDAQ: DGLY) has entered into a securities purchase agreement with institutional investors to issue and sell 14,300,000 shares of common stock and associated warrants. The offering is priced at $2.80 per share, aiming for gross proceeds of $40,040,000. The warrants have an exercise price of $3.25 and will expire in five years. The transaction is set to close around February 1, 2021, pending customary conditions. This offering follows an effective shelf registration statement declared by the SEC in July 2020.

Digital Ally, Inc. (NASDAQ: DGLY) announced a securities purchase agreement with institutional investors for the sale of 10,000,000 shares of common stock and accompanying warrants, raising approximately $30.95 million. The offering price is set at $3.095 per share, with warrants exercisable at $3.25 per share. The closure of the offering is anticipated on or about January 14, 2021, subject to customary conditions. This transaction is part of an effective shelf registration statement filed with the SEC.

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.

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.

Digital Ally, Inc. (NASDAQ: DGLY) has appointed Mark Shrout as Chief Revenue Officer, aiming to enhance product development and market reach. This decision follows the company’s strategy to invest in advancing its video recording products and its Shield™ line, which includes sanitizers and PPE. CEO Stan Ross expressed enthusiasm for Shrout's joining, citing his extensive experience in sales and marketing. This leadership change is expected to drive profitable revenue growth as the company navigates its current growth phase.

Digital Ally (NASDAQ: DGLY) announced a major order from the Franklin County Sheriff’s Office for 15 EVO-HD in-car camera systems and FirstVu HD body cameras, utilizing the company’s subscription payment plan. The sheriff's department selected Digital Ally as its exclusive supplier due to the seamless integration and centralized management of video evidence provided by the equipment. CEO Stan Ross emphasized the importance of these technologies for enhancing safety and security in law enforcement.

Digital Ally (NASDAQ: DGLY) announced its partnership with Goodcents, making Goodcents the first major US franchise to implement its complete line of COVID-19 safety products. By late January 2021, all 63 Goodcents restaurants will feature Shield^TM Disinfectant/Sanitizer, ThermoVu^TM non-contact temperature screening devices, and electrostatic sprayers. This initiative aims to ensure a safe environment for employees and customers amidst the ongoing pandemic. The products also adhere to government regulations and guidelines, highlighting their critical role in public safety.

Digital Ally reported a 23% revenue increase for Q3 2020, reaching $3,588,640, the highest since Q1 2017. Earnings per share rose to $0.02, a significant improvement from a loss of ($0.26) in Q3 2019. The revenue surge was driven by new products, ThermoVU and Shield, generating approx. $1.1 million. However, COVID-19 delayed some orders, notably a substantial body camera contract. The company also faced a decline in gross margin to 34.1% due to manufacturing inefficiencies. SG&A expenses dropped 12% to $3,066,606.

Digital Ally (NASDAQ: DGLY) will discuss its third quarter 2020 operating results on November 12, 2020, at 11:15 a.m. EDT. The call will cover developments related to their safety products, including the Shield™ Cleansers line and ThermoVu™ non-contact temperature screening devices. Interested parties can join the call by dialing (844) 761-0863. A replay will be available until January 12, 2021. Digital Ally specializes in advanced video recording products for law enforcement and safety sectors, with new products recently launched in their portfolio.