Digital Ally, Inc. Regains Compliance With Nasdaq Minimum Market Value of Listed Securities Requirement
22 June 2020 - 10:30PM
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.
With the written notice received on June 18,
2020 from the Nasdaq stating that the Company had regained
compliance with the applicable Nasdaq minimum MVLS continued
listing requirement the matter is now closed.
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.
For additional news and information please visit
www.digitalallyinc.com or follow additional Digital Ally, Inc.
social media channels here:
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Contact Information Stanton Ross, CEO Tom
Heckman, CFO Digital Ally,
Inc.913-814-7774info@digitalallyinc.com
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 maintain compliance with the minimum Market
Value of Listed Securities for our Common Stock; 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.
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