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OVERLAND PARK, KS – Digital Ally , Inc., a company specializing in radio and TV broadcasting and communications equipment, announced today that it has adjourned a special meeting of stockholders originally convened on April 1, 2025. The company, currently trading at $0.03 per share and showing a concerning 95% decline year-to-date according to InvestingPro data, faces significant financial challenges with a current ratio of 0.52. The adjournment is to allow additional time for soliciting votes on a proposal to amend the company’s articles of incorporation. The proposed amendment aims to increase the number of authorized shares from 210 million to 5.01 billion, with 5 billion shares designated as common stock with a par value of $0.001 each. This move comes as the company grapples with significant debt and rapidly diminishing cash reserves, as highlighted by InvestingPro analysis.
The special meeting, which took place at the company’s headquarters in Overland Park, Kansas, was adjourned without a vote on the proposal. The chairman has rescheduled the meeting to reconvene on April 13, 2025, at 4:00 p.m. Eastern Time at the same location.
Stockholders of record will be able to vote at the reconvened meeting in the same manner as outlined in the definitive proxy statement filed with the SEC on March 4, 2025. Proxies that were validly submitted for the original meeting will remain valid for the rescheduled meeting unless they are properly changed or revoked before the voting takes place.
The increase in authorized shares, if approved by the shareholders, would provide Digital Ally with greater flexibility in corporate financing and potential strategic transactions. The company’s stock is traded on The Nasdaq Capital Market LLC under the symbol (NASDAQ:DGLY).
This move comes as many companies evaluate their capital structures to ensure they have the ability to raise capital or pursue growth opportunities as needed. Stockholders are encouraged to review the proxy materials and cast their votes on this significant corporate matter.
The information in this article is based on a press release statement from Digital Ally, Inc.
In other recent news, Digital Ally, Inc. has announced a public offering expected to raise approximately $15 million, before underwriting fees and estimated offering expenses. The offering includes 100 million Common Units, each with a share of common stock or a Pre-Funded Warrant, along with Series A and B Warrants. The company plans to use the proceeds for general corporate purposes and working capital. Additionally, Digital Ally has regained compliance with Nasdaq’s periodic financial report filing requirements after addressing a delay in its Quarterly Report. However, the company now faces a new challenge as Nasdaq has notified it of not meeting the Stockholders’ Equity Requirement, with a reported equity shortfall. Digital Ally has 45 days to present a plan to Nasdaq to address this issue and is exploring options to regain compliance. The company remains committed to maintaining its Nasdaq listing and is actively working on solutions to meet regulatory standards.
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