Digital Ally Prices $15 Million Public Offering; Shares Plunge

MT Newswires Live
02-14

Digital Ally (DGLY) said Thursday it has priced a public offering, with gross proceeds expected to be about $15 million.

The offering includes 100 million units or pre-funded units, each consisting of one common share or one pre-funded warrant, one Series A warrant to buy one common share at $0.1875 per share, and one Series B warrant to buy one common share at $0.300 per share. The price per unit is $0.15 or $0.149 for pre-funded units.

Pre-funded warrants can be exercised immediately. The Series A warrants will be exercisable after stockholder approval, and they expire in five years. The Series B warrants are also exercisable after stockholder approval and expire in 2.5 years, the company said.

The company added that it granted the sole book-running manager a 45-day option to buy additional shares or warrants. The transaction is set to close by Friday, pending customary conditions. The company plans to use the funds for general corporate purposes and working capital.

Shares of Digital Ally plunged nearly 52% in recent trading.

Price: 0.08, Change: -0.08, Percent Change: -51.61

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