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Digital Ally Inc. (NASDAQ:DGLY), a company specializing in digital video recording and surveillance technology, has seen its stock plummet to a 52-week low, trading at a mere $0.03. According to InvestingPro data, the company’s financial health score is rated as WEAK, with a concerning current ratio of 0.35. This significant drop reflects a staggering 1-year change, with the stock value decreasing by -99.94%. The company, which has been grappling with competitive pressures and market challenges, is now facing investor concerns as the stock hits this new low point. InvestingPro analysis reveals the company is quickly burning through cash, with negative free cash flow of -$5.14 million and revenue declining by 30.44% over the last twelve months. Shareholders and market analysts are closely monitoring Digital Ally’s performance and strategic moves as the company navigates through this turbulent period. InvestingPro subscribers have access to 12 additional key insights about DGLY, helping investors make more informed decisions during this critical time.
In other recent news, Digital Ally, Inc. announced that it has been granted continued listing on the Nasdaq Stock Market following a review by a Nasdaq Hearings Panel. To maintain this listing, the company must meet specific compliance criteria, including a $2.5 million stockholders’ equity requirement by May 20, 2025, and a $1.00 minimum bid price requirement by June 6, 2025. Additionally, Digital Ally disclosed a 1-for-20 reverse stock split of its common stock, which will take effect on May 7, 2025. This move was approved by the company’s Board of Directors and stockholders, aiming to help meet Nasdaq’s listing requirements.
Furthermore, Digital Ally is seeking shareholder approval to significantly increase its authorized shares from 210 million to 5.01 billion. The company has postponed its special meeting of stockholders to allow more time for additional vote solicitation on this matter. Meanwhile, Digital Ally has received a notice of non-compliance from Nasdaq due to the late filing of its Annual Report for the period ending December 31, 2024. The company is working to address this issue and anticipates resuming regular filing intervals for the rest of 2025.
These developments highlight Digital Ally’s ongoing efforts to align with Nasdaq’s listing standards and adjust its capital structure for potential growth opportunities.
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