UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 9, 2020 (March 6, 2020)

 

DIGITAL ALLY, INC.

(Exact Name of Registrant as Specified in Charter)

 

Nevada   001-33899   20-0064269

(State or other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

9705 Loiret Blvd., Lenexa, KS 66219

(Address of Principal Executive Offices) (Zip Code)

 

(913) 814-7774

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of exchange on which registered
Common stock, $0.001 par value   DGLY   The Nasdaq Capital Market, LLC

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

     
 

 

Item 8.01. Other Matters.

 

On March 6, 2020, Digital Ally, Inc. (the “Company”) received written notice from the Nasdaq Hearings Panel of The Nasdaq Stock Market LLC (the “Panel”) indicating that, based on the plan of compliance presented by the Company at the hearing held on February 20, 2020, the Panel has granted the Company’s request for the continued listing of the Company’s securities on The Nasdaq Capital Market (“Nasdaq”), subject to, among other things, the Company’s keeping the Staff updated on progress of its compliance plan and ultimately being able to evidence shareholder equity in an amount greater than or equal to $2,500,000 in accordance with Listing Rule 5550(b) no later than June 30, 2020. During this time, the Company’s securities will remain listed and trading on Nasdaq.

 

In addition, on March 9, 2020, the Company issued a press release with regard to the written notice it received from the Panel. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information related to the press release furnished pursuant to this Item 8.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press Release of Digital Ally, Inc. dated March 9, 2020.

 

     
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 9, 2020

 

  Digital Ally, Inc.
     
  By: /s/ Stanton E. Ross
  Name: Stanton E. Ross
  Title: Chairman, President and Chief Executive Officer

 

     
 

 

 

 

 

Digital Ally, Inc. Granted Extension by NASDAQ

 

Digital Ally Expects to Regain Compliance Required by NASDAQ by June 30, 2020

 

Lenexa, KS | March 9, 2020, 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 it has received notice from the NASDAQ hearing panel (the “Panel”) that the Company has been granted an extension until June 30, 2020 to regain compliance with the minimum stockholder equity required for continued listing on NASDAQ, as set forth in NASDAQ Listing Rule 5550(b)(1) (the “Stockholders’ Equity Requirement”). In a hearing with the Panel on February 20, 2020 the Company presented a strategic plan to regain and sustain compliance with the Stockholders’ Equity Requirement.

 

Stanton Ross, Chief Executive Officer, stated “We are extremely pleased to have been granted this extension with NASDAQ and believe that we will meet and exceed the requirement set forth. We are working very hard for our shareholders as we continue to expand our market share in the law enforcement community as well as the commercial fleet industry. With the recent acquisitions of new business domestically and internationally and the retention of current customers, we are very excited for the future,” concluded Mr. Ross.

 

About Digital Ally

 

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:

 

Facebook I Instagram I Linkedin I Twitter

 

Contact Information

Stanton Ross, CEO

Tom Heckman, CFO

Digital Ally, Inc

913-814-7774

info@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 regain compliance with the minimum stockholder equity required for continued listing on NASDAQ, as set forth in NASDAQ Listing Rule 5550(b)(1) prior to June 30, 2020 and to continue to maintain compliance beyond June 30, 2020; the Company’s ability to expand its market share in the law enforcement community as well as the commercial fleet industry , the Company’s 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, 2018 and quarterly report on Form 10-Q for the three and nine months ended September 30, 2019, as filed with the Securities and Exchange Commission.