Digital Ally, Inc. Regains Compliance With Nasdaq Minimum Market Value of Listed Securities Requirement

 Market Value of Listed Securities Exceeds $35 million at Closing for Ten Consecutive Trading Days

Lenexa, KS, June 22, 2020 (GLOBE NEWSWIRE) -- 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 18, 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 Market Value of Listed Securities (the “MVLS”) continued listing requirement and the matter is now closed.

The Company had previously been notified by Nasdaq on July 11, 2019 that for the previous 30 consecutive business days, the minimum MVLS for its Common Stock was below the $35 million minimum MVLS requirement for continued listing on Nasdaq. In accordance with Nasdaq Listing Rules, the Company had 180 calendar days, or until January 7, 2020, to regain compliance with the MVLS Rule. To regain compliance with the MVLS Rule, the minimum MVLS for its Common Stock must have been at least $35 million for a minimum of 10 consecutive business days at any time during this 180-day period. Since the Company failed to regain compliance with such rule by January 7, 2020, the Company could have been delisted from Nasdaq. The Company received an opportunity to appeal Nasdaq’s determination via a hearing.

The hearing was held on February 20, 2020 at which time the Company provided the Panel with a plan to regain compliance with the minimum MLVS requirement under the MLVS Rule. On March 6, 2020, the Company received written notice from the Panel indicating that, based on the plan of compliance that the Company had presented at such hearing, the Panel granted its request for the continued listing of its Common Stock on Nasdaq, subject to the Company regaining compliance no later than June 30, 2020. Since the hearing the Company has raised capital, increasing its Shareholders Equity and, effective June 17, 2020, the Company had complied with the minimum $35 million MVLS for its Common Stock for 10 business days.