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Digital Ally extends maturity date of $2.5 million 8% credit facility
Company issues warrants for 40,000 shares in connection with extension
By Devika Patel
Knoxville, Tenn., Dec. 9 - Digital Ally Inc. extended the maturity of its $2.5 million credit facility on Dec. 4, according to an 8-K filed Monday with the Securities and Exchange Commission. The facility is composed of two promissory notes: a $1.5 million note issued in May 2011 and a $1 million note issued in November 2011.
The 8% facility's maturity date was extended to May 30, 2015 from May 30, 2014.
In connection with the extension of the facility, the company issued a warrant for 40,000 common shares, which is exercisable at $8.50 until Dec. 3, 2018. The strike price reflects a 5.33% premium to the Dec. 3 closing share price of $8.07 (Nasdaq: DGLY).
Based in Leawood, Kan., Digital Ally manufactures surveillance and other technologies used by law enforcement, homeland security and commercial security purposes.
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