Digital Ally Announces Closing of Approximately $2.9 Million Private Placement
26 6월 2024 - 5:15AM
Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), a leading
provider of video solutions which develops, manufactures, and
markets advanced video recording products and other critical safety
products for law enforcement, emergency management, fleet safety
and event security, today announced the closing of a private
placement with certain institutional investors. The aggregate gross
cash proceeds were approximately $2.9 million, before deducting
fees to the placement agent and other offering expenses payable by
the Company. The Company intends to use the net proceeds from the
private placement for inventory purchases, artist costs for
upcoming festivals, transaction cost, expanded sales, marketing and
general working capital.
In connection with the private placement, the
Company issued an aggregate of 1,195,219 units. Each unit was sold
at an effective unit price of $2.51 per unit and consisted of one
share of common stock (or one pre-funded warrant in lieu thereof),
one Series A warrant exercisable for one share of common stock at
an initial exercise price of $2.51 per share and one Series B
warrant at an exercise price of $0.001 to purchase such number of
shares of common stock as will be determined on the Reset Date (as
defined in the Series B warrant). The Series A warrants and the
Series B warrants are exercisable beginning on the date that
Stockholder Approval (as defined in the Series A warrant) is
obtained. The Series A warrants have a term of 5 years and the
Series B warrants are exercisable until exercised in full. The
exercise price and number of shares of common stock issuable upon
exercise of the Series A warrants are subject to adjustment upon
future dilutive issuances and stock splits, subject to a floor, and
the exercise price and number of shares of common stock issuable
upon exercise of the Series B warrants are subject to adjustment
upon stock splits, subject to a floor, in each case, as described
in more detail in the Current Report on Form 8-K to be filed in
connection with the private placement.
The closing of the private placement occurred on June 25,
2024.
Aegis Capital Corp. acted as the Exclusive Placement
Agent for the private placement.
The securities described above were sold in a
private placement exempt from the registration requirements of the
Securities Act of 1933, as amended (the “Act”), and have not been
registered under the Act, or applicable state securities laws.
Accordingly, the securities may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities laws.
Pursuant to a registration rights agreement with the investor, the
Company has agreed to file one or more registration statements with
the Securities and Exchange Commission (the “SEC”) covering the
resale of the common stock sold in the private placement and the
common stock issuable upon exercise of the pre-funded warrants and
the warrants sold in the private placement.
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.
About Digital Ally
Digital Ally, Inc. (NASDAQ: DGLY) specializes in
the development and manufacturing of video and analytics solutions
for law enforcement, emergency management, and commercial
applications. With a focus on delivering reliable and innovative
technology, Digital Ally empowers organizations to enhance safety,
streamline operations, and mitigate risks.
For additional news and information please
visit www.digitalally.com
Forward-Looking Statements:
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the completion of the Company’s offering and the
anticipated use of proceeds therefrom. These statements are based
on the Company’s current expectations or beliefs and are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements herein
due to changes in economic, business, competitive or regulatory
factors, and other risks and uncertainties, including those set
forth in the Company’s filings with the SEC. The forward-looking
statements in this press release speak only as of the date of this
press release. The Company does not undertake any obligation to
update or revise these forward-looking statements for any reason,
except as required by law.
Contact InformationStanton Ross, CEOTom
Heckman, CFODigital Ally,
Inc.913-814-7774info@digitalallyinc.com
Digital Ally (NASDAQ:DGLY)
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Digital Ally (NASDAQ:DGLY)
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