LENEXA, KS - Digital Ally (NASDAQ:DGLY), Inc., a company specializing in radio and TV broadcasting and communications equipment, announced today that it had to adjourn its special meeting of stockholders due to a lack of quorum. The meeting, which was convened today, will be reconvened on September 20, 2024, at the company's headquarters in Lenexa, Kansas.
The initial meeting aimed to address undisclosed matters requiring stockholder approval. However, not enough shareholders were present in person or by proxy to meet the quorum requirements for conducting business. As a result, the company's chairman adjourned the meeting shortly after it began.
Shareholders who have already submitted proxies do not need to take any further action for their votes to be counted at the rescheduled meeting. Those proxies will remain valid unless they are properly revoked or changed before the reconvened meeting.
The reconvened special meeting will take place at 1:00 p.m. Eastern Time on September 20, 2024, at 14001 Marshall Drive, Lenexa, Kansas, 66215. This adjournment provides shareholders additional time to consider and vote on the matters outlined in the proxy materials previously distributed on July 23, 2024, and as amended on July 26, 2024.
Digital Ally, Inc. is incorporated in Nevada and listed on the Nasdaq Capital Market under the ticker symbol NASDAQ:DGLY. The company's business address and principal executive offices are located at 14001 Marshall Drive, Lenexa, KS 66215.
This information is based on a press release statement.
In other recent news, Digital Ally, Inc. has reported notable developments. The company finalized a $5.9 million property sale to Serenity Now, LLC, marking a significant financial event. For fiscal year 2023, Digital Ally posted mixed results, with gross profits reaching $5,762,484, a 148% increase from the previous year, despite a 24% decrease in total revenues, which fell to $28,248,344.
In addition, Digital Ally has entered a private placement transaction with institutional investors, facilitated by Aegis Capital Corp., aiming to raise about $2.9 million in gross proceeds. This move is part of the company's efforts to fund inventory purchases, artist costs for upcoming festivals, transaction costs, expanded sales, and marketing among other things.
Digital Ally has also extended its merger agreement with Clover Leaf Capital Corp., pushing the deadline for the merger's completion to September 22, 2024. This strategic step aims to expand Digital Ally's market presence and capitalize on synergies with Clover Leaf.
Furthermore, the company secured a multi-year agreement with the Kansas City Chiefs to provide advanced security technology at GEHA Field at Arrowhead Stadium. These are recent developments as Digital Ally continues to navigate market challenges and opportunities.
InvestingPro Insights
As Digital Ally, Inc. (NASDAQ:DGLY) navigates its corporate actions, including the adjournment of its special meeting of stockholders, investors may be evaluating the company's financial health and market performance. The latest data from InvestingPro provides a snapshot of the company's current financial position and stock performance.
InvestingPro Data indicates that Digital Ally has a market capitalization of $4.43 million, reflecting its valuation in the market. The company's revenue for the last twelve months as of Q2 2024 stands at $23.42 million, although it has experienced a significant revenue decline of -29.76% during this period. This decline is further emphasized by a quarterly revenue contraction of -32.17% in Q2 2024. The company's gross profit margin is currently at 13.86%, indicating challenges in maintaining profitability. Additionally, Digital Ally's stock has shown high volatility, with the price having fallen -65.41% over the past year, which may concern potential investors looking for stability.
Two InvestingPro Tips that are particularly relevant to shareholders and potential investors are:
- Digital Ally operates with a significant debt burden, which can impact its financial flexibility and ability to invest in growth opportunities.
- The company is quickly burning through cash, a situation that investors should monitor closely as it may affect the company's long-term sustainability and ability to fund operations.
These insights, coupled with the postponed shareholder meeting, suggest that stakeholders should keep a close eye on Digital Ally's financial strategy and market performance. For a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/DGLY that can provide investors with deeper insights into the company's financial health and stock behavior.
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