Digital Ally Plans $10M Stock Buy-Back, Reaffirms Q4, FY22 Revenue Guidance

Digital Ally, Inc. DGLY Board approved a stock buyback program authorizing the company to purchase up to $10 million of its outstanding common stock.
The buyback program will commence immediately. The approved buyback represents ~18% of the company's total current market capitalization.
The duration of the stock buyback program is through December 31, 2022.
Digital Ally plans to fund the purchases by cash on hand. It held cash and cash equivalents of $41.2 million as of September 30, 2021.
Outlook: Digital Ally reaffirmed its previously announced revenue guidance for 4Q21 of $9 million and FY22 of $50 million.
The company expects FY21 revenue to be ~$18 million.
The company said it continues to benefit from the integration and expansion of TicketSmarter and Nobility Healthcare acquisitions, along with organic growth in its traditional law enforcement and commercial video solutions segment.
Price Action: DGLY shares are trading lower by 2.25% at $0.9873 during the premarket session on Monday.