Digital Ally Announces $10 Mln Stock Buy-back; Reaffirms Revenue Guidance For Q4 And Fiscal 2022

Digital Ally, Inc. (DGLY), which specializes in the design and manufacturing of high-quality video recording equipment and video analytic software, on Monday announced a stock buy-back program to purchase up to $10.0 million of the company's outstanding common stock.

The buy-back program that would commence immediately is being funded by cash on hand. The duration of the stock buy-back program is through December 31, 2022. The approved buyback represents approximately 18 percent of the company's total current market capitalization.

The stock repurchases could be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The stock repurchase authorization, which does not require the company to purchase any specific or minimum number of shares, also does not have an expiration date and may be suspended or terminated at any time without prior notice. Repurchased shares would be returned to the status of authorized but un-issued shares of common stock.

The company also reaffirmed its previously announced revenue guidance for the fourth quarter 2021 of $9 million and for fiscal year 2022 of $50 million. The company also said it continues to benefit from the integration and expansion of its recent TicketSmarter and Nobility Healthcare acquisitions, in addition to organic growth in its traditional law enforcement and commercial video solutions segment.

Shares of Digital Ally are currently trading in pre-market at $0.99, down $0.02 or 2.46 percent from previous close.

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