Digital Ally Share Price Exceeds $1.00 at Closing for Ten Consecutive Trading Days
Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), which develops, manufactures and markets advanced video recording products for law enforcement, emergency management, fleet safety and security, today announced that on June 12, 2020 it received written notice from the Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company regained compliance with the applicable Nasdaq minimum bid price continued listing requirement and the matter is now closed.
The Company had previously been notified by Nasdaq on April 22, 2020 that it was not in compliance with the minimum bid price requirement because its common stock failed to maintain a minimum bid price of at least $1.00 for 30 consecutive business days. In order to regain compliance with Nasdaq Listing Rule 5550(a)(2), the Company was required to maintain a minimum closing bid price of at least $1.00 for at least 10 consecutive trading days, which was achieved on June 11, 2020. The Company’s closing price on June 11th was $4.15.
About Digital Ally, Inc.
Digital Ally®, headquartered in Lenexa, KS, specializes in the design and manufacturing of the highest quality video recording equipment and video analytic software. Digital Ally pushes the boundaries of technology in industries such as law enforcement, emergency management, fleet safety and security. Digital Ally’s complete product solutions include vehicle and body cameras, flexible software storage, and automatic recording technology. These products work seamlessly together and are simple to install and operate. Digital Ally products are sold by domestic direct sales representatives and international distributors worldwide.
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
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 maintain compliance with the Nasdaq minimum bid price requirement; the Company’s ability to reach compliance with the minimum Market Value of Listed Securities for our Common Stock by achieving our compliance plan and ultimately being able to evidence shareholder equity in an amount greater than or equal to $2,500,000 in accordance with Rule 5550(b)(1) no later than June 30, 2020; the decision of the United States Court of Appeals regarding the Company’s appeal of the District Court’s decision in the Axon litigation; whether the Company will ultimately prevail in its patent litigation against Axon; 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 Annual Report on Form 10-K for the year ended December 31, 2019, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2020, as filed with the Securities and Exchange Commission.