Digital Ally Prices $3.0 Million Registered Equity Offering

Digital Ally (NASDAQ:DGLY) has announced that it has priced $3 million equity offering of common stock and warrants with institutional investors.
As quoted in the press release:

The Company has entered into a definitive securities purchase agreement with the investors under which it agreed to issue and sell, in a registered direct offering, an aggregate of 1,000,000 shares of common stock at an offering price of $3.00, for expected gross proceeds of approximately $3.0 million before the deduction of the placement agent fee and offering expenses. For each share of common stock purchased, investors will receive two registered warrants, each with an exercise price of $3.36 (the “Series A-1 Warrant” and “Series A-2 Warrant”). The Series A-1 Warrants are to purchase up to, in the aggregate, 680,000 shares of common stock (or 0.68 warrant shares per share of common stock purchased) and have a term of 5 years commencing 6 months following the closing date. The Series A-2 Warrants are to purchase up to, in the aggregate, 200,000 shares of common stock (or 0.20 warrant shares per share of common stock purchased) and have a term of 5 years commencing immediately. Additionally, to the extent that an investor’s beneficial interest would otherwise exceed 9.9% of the issued and outstanding shares of common stock, the Company will issue to such investor, in lieu of shares of common stock at closing, a pre-funded common stock warrant that is immediately exercisable (the “Pre-Funded Warrant”). Any such investor, to the extent such Series B Warrants are issued, shall pay $2.99 per share at the closing and $0.01 per share upon exercise of the Pre-Funded Warrant.
WestPark Capital, Inc. acted as the exclusive placement agent for the offering.

Click here to read the full press release.