Digital Ally announces pricing of about $2.9M private placement (NASDAQ:DGLY)

Digital Ally (NASDAQ:DGLY) on Monday announced the pricing of a private placement with certain institutional investors.
The aggregate gross cash proceeds are expected to be about $2.9 million.
The company intends to use the net proceeds from the private placement for inventory purchases, artist costs for upcoming festivals, transaction cost, expanded sales, marketing and general working capital.
In connection with the private placement, the company is planning to issue an aggregate of 1,195,219 units.
Each unit will be sold at an effective unit price of $2.51 per unit and will consist of one share of common stock, one Series A warrant exercisable for one share of common stock at an initial exercise price of $2.51 per share and one Series B warrant at an exercise price of $0.001 to purchase such number of shares of common stock as will be determined on the Reset Date.
The closing of the private placement is expected to occur on or about June 25.
DGLY is -1.59% to $2.47.
Source: Press Release