DIGITAL ALLY PRICES $2.9 MILLION UNDERWRITTEN PUBLIC OFFERING OF COMMON STOCK

Lenexa, KS, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Digital Ally, Inc. (NASDAQ:DGLY), which develops, manufactures and markets advanced video recording products for law enforcement, emergency management, fleet safety and security, today announced the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $2.9 million before deducting underwriting discounts and other estimated offering expenses. The proposed offering equates to 2,521,740 shares of the Company’s common stock at a price of $1.15 per share. The Company intends to use the net proceeds from this offering to fund the repayment of debt and for general corporate purposes.

In addition, the Company expects to grant the underwriter a 45-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any.

Aegis Capital Corp. is acting as sole bookrunner for the offering. The offering is expected to close on March 3, 2020, subject to customary closing conditions.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-225227) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on June 6, 2018. A prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus when available, may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at [e-mail], or by telephone at [phone]. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.