Why Digital Ally Stock Is Trading Lower

Digital Ally Inc DGLY shares are trading lower by 8.73% to $0.30 Wednesday morning after the company filed for a common stock offering of an undisclosed size.

Digital Ally says the company intends to use the proceeds of this offering for new product development, general corporate purposes including legal and marketing matters and other working capital purposes.

Digital Ally added that the company may temporarily invest the net proceeds in short-term, interest-bearing instruments or other investment-grade securities.

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According to data from Benzinga Pro, DGLY has a 52-week high of $1.22 and a 52-week low of $0.21.