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Digital Ally, Inc. Announces Pricing of $30.95 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

Digital Ally, Inc., which develops, manufactures and markets advanced video recording products and other critical safety products for law enforcement, emergency management, fleet safety and security, announced that it has entered into a securities purchase agreement with institutional investors for the issuance and sale of 10,000,000 its shares of common stock (pursuant to the direct sale of shares of the Company’s common stock and pre-funded warrants issuable to investors who would beneficially own more than 9.99% of the Company’s outstanding shares of common stock) and warrants to purchase up to 10,000,000 of its shares of common stock at a price of $3.095 per share and accompanying warrant for aggregate gross proceeds of $30,950,000, in a registered direct offering priced at-the-market under Nasdaq rules. The warrants will have an exercise price of $3.25 per share, are exercisable immediately and will expire five years following the date of issuance.

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Kingswood Capital Markets, division of Benchmark Investments, Inc., is acting as exclusive placement agent for the offering.

The offering is expected to close on or about January 14, 2021, subject to the satisfaction of customary closing conditions.

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The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-239419) previously filed with the Securities and Exchange Commission (the “SEC”) on June 25, 2020, and declared effective on July 2, 2020. The offering of the shares of common stock and accompanying warrants, and pre-funded warrants and accompanying warrants, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement, describing the terms of the proposed offering, which will be filed with the SEC. The Company will also file a Form 8-K in connection with the securities purchase agreement and the closing of the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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When available, copies of the prospectus supplement relating to this registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Kingswood Capital Markets, division of Benchmark Investments Inc., 17 Battery Place, Suite 625, New York, NY 10004. 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.

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