Digital Ally , Inc. (NASDAQ:DGLY), a company specializing in radio and TV broadcasting and communications equipment, announced today that it was unable to conduct business at its Special Meeting due to a lack of quorum.
The meeting, which was a continuation of the one initially adjourned on September 6, 2024, saw only 1,192,194 shares represented in person or by proxy, insufficient for the required quorum.
As a result, no votes were cast on any of the agenda items, and the Special Meeting was subsequently cancelled. The company, incorporated in Nevada with headquarters in Lenexa, Kansas, has not yet indicated any future plans regarding the rescheduling of the meeting or how it intends to address the matters that were to be voted on.
In other recent news, Digital Ally Inc. has been active on multiple fronts. The company secured an additional $265,000 in funding from Mosh Man, LLC, extending the repayment date for a $100,000 obligation.
As part of its financial strategy, Digital Ally also finalized a $5.9 million property sale to Serenity Now, LLC. For fiscal year 2023, the company reported gross profits of $5,762,484, a 148% increase from the previous year, despite a 24% decrease in total revenues to $28,248,344.
Digital Ally entered a private placement transaction to raise about $2.9 million in gross proceeds, facilitated by Aegis Capital Corp. The company also extended its merger agreement with Clover Leaf Capital Corp., a move aimed at expanding its market presence.
In other developments, Digital Ally secured a multi-year agreement with the Kansas City Chiefs to provide advanced security technology at GEHA Field at Arrowhead Stadium.
InvestingPro Insights
In light of Digital Ally's recent inability to conduct business due to a lack of quorum at its Special Meeting, certain financial metrics and InvestingPro Tips may offer additional context for investors. According to real-time data from InvestingPro, Digital Ally has a market capitalization of $4.16 million, reflecting the size of the company in financial terms. The company's revenue for the last twelve months as of Q2 2024 stands at $23.42 million, yet it has experienced a significant decline in revenue growth of -29.76% during the same period. This contraction is further accentuated by a -32.17% quarterly revenue growth figure for Q2 2024.
InvestingPro Tips suggest that Digital Ally operates with a significant debt burden and is quickly burning through cash. Additionally, the company does not pay dividends to shareholders, which may be a consideration for those looking for income-generating investments. The company's stock has also been noted for high price volatility and has suffered a notable decline, with the price having fallen significantly over the last three months.
These insights, along with the 11 additional tips available on the InvestingPro platform, can help shareholders and potential investors gain a deeper understanding of the financial health and stock performance of Digital Ally. For a more comprehensive analysis, interested parties can visit https://www.investing.com/pro/DGLY.
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