Digital Ally (NASDAQ:DGLY), Inc., a company specializing in radio and TV broadcasting and communications equipment, announced today the adjournment of its annual stockholders’ meeting. Originally convened today, the meeting has been rescheduled to take place tomorrow, Tuesday, at 1:00 p.m. Central Time at the company's headquarters in Lenexa, Kansas. InvestingPro analysis reveals the company's current financial health score as WEAK, with a concerning current ratio of 0.51, indicating potential liquidity challenges.
The decision to adjourn and reconvene the Annual Meeting was made to allow for the filing of an amendment to the Definitive Proxy Statement on Schedule 14A. This document was initially filed with the U.S. Securities and Exchange Commission (SEC) on November 22, 2024.
Stockholders will be considered present and able to vote at the reconvened meeting in the same manner as set out in the original proxy statement. Valid proxies that were submitted for the initial meeting date will still be honored for the new meeting unless they are properly changed or revoked before voting takes place at the reconvened session.
The reconvened meeting, referred to as the Reconvened Annual Meeting, will continue to address the agenda items outlined in the proxy statement. Shareholders are encouraged to review the amendment to the proxy statement once filed, for any potential changes to the matters to be considered at the Reconvened Annual Meeting.
This announcement is based on a press release statement and the information has been confirmed through the company's recent SEC filing. Digital Ally, with ticker symbol NASDAQ:DGLY, is incorporated in Nevada and has its fiscal year end on December 31.
For deeper insights into Digital Ally's financial health and 14 additional key ProTips, investors can access comprehensive analysis through InvestingPro. The company's business address is located at 14001 Marshall Drive, Lenexa, KS 66215, and it is registered under the IRS Employer Identification No. 20-0064269.
In other recent news, Digital Ally Inc. has been navigating several noteworthy developments. The company received a delinquency notification from Nasdaq due to a delay in filing its quarterly financial report, requiring a plan to regain compliance by January 2025. Digital Ally has expressed its commitment to complete the overdue report promptly. Concurrently, the company terminated its merger agreement with Clover Leaf Capital Corp. and amended its bylaws, lowering the quorum requirement for stockholder meetings.
Financially, Digital Ally reported a 148% increase in gross profits for the fiscal year 2023, even with a 24% decrease in total revenues. The company also finalized a $5.9 million property sale to Serenity Now, LLC, and raised approximately $2.9 million through a private placement transaction facilitated by Aegis Capital Corp.
However, Digital Ally also faced a challenge from Softforge Innovation, LLC, over a missed $100,000 payment, escalating the company's debt to an approximate total of $1.6 million. The company disputed these claims and is prepared to defend its rights through legal means. Lastly, Digital Ally corrected errors in its Articles of Incorporation, reinstating ten million shares of preferred stock into the company's capital structure. These are the recent developments impacting Digital Ally.
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