DIGITAL ALLY, INC. (NASDAQ:DGLY) Files An 8-K Other Events

DIGITAL ALLY, INC. (NASDAQ:DGLY) Files An 8-K Other Events
Item 8.01 Other Events.

On June 10, 2020, Digital Ally, Inc. (the “Company”), to the terms of an underwriting agreement, dated June 8, 2020 (the “Underwriting Agreement”), with Aegis Capital Corp, as representative of the several underwriters (the “Underwriters”), closed a public offering (the “Offering”) of 2,325,581 shares (the “Shares”) of the Company’s common stock, par value $0.001 (the “Common Stock”), at public offering price of $2.15 per share, for gross proceeds of 4,999,999.15, before deducting underwriting discounts and other offering expenses. The Underwriters also fully exercised their over-allotment option, under the terms of the Underwriting Agreement, to acquire an additional 213,953 shares of Common Stock (the “Option Shares”) at the public offering price, for additional gross proceeds of $459,998.95, before deducting underwriting discounts and other offering expenses, which closed concurrently with the sale of the Shares. The Company intends to use the net proceeds from this Offering for general corporate purposes, including for compliance with certain Nasdaq continued listing requirements and continued investments in commercialization efforts. The Company may also use a portion of the net proceeds for the acquisitions of businesses, products, technologies or licenses that are complementary to its business.

As previously disclosed in the Company’s Current Report on Form 8-K filed on June 8, 2020 with the U.S. Securities and Exchange Commission (the “SEC”), the Shares and the Options Shares were registered under the Securities Act of 1933, as amended, to a prospectus supplement to the Company’s currently effective shelf registration statement on Form S-3 (File No. 333-225227) (the “Registration Statement”), which was initially filed with the SEC on May 25, 2018, and was declared effective on June 6, 2018, and the related base prospectus included in the Registration Statement, as supplemented by the prospectus supplement dated June 8, 2020.

The Underwriters purchased the Shares and Option Shares from the Company at a price of $1.9995 per share, representing a seven percent (7%) discount from the public offering price. In addition, the Company paid the Underwriters’ expenses relating to the Offering, including “road show” expenses, diligence fees and the fees and expenses of the Underwriters’ legal counsel of $30,000.


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Digital Ally, Inc. produces digital video imaging and storage products for use in law enforcement, security and commercial applications. The Company’s products include in-car digital video/audio recorder contained in a rear-view mirror for use in law enforcement and commercial fleets; a system that provides its law enforcement customers with audio/video surveillance from multiple vantage points and hands-free automatic activation of body-worn cameras and in-car video systems; a weather-resistant mobile digital video recording system for use on motorcycles, all-terrain vehicles (ATVs) and boats; a miniature digital video system designed to be worn on an individual’s body, and a hand-held laser speed detection device that it offers primarily to law enforcement agencies. The Company sells its products to law enforcement agencies and other security organizations, consumer and commercial fleet operators through direct sales domestically and third-party distributors internationally.

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