Digital Ally raises $3M in private placement of secured notes; cash runway of only 3 months

KUSTOM ENTERTAINMENT, INC.

Issued $3.6M principal in 90-day senior secured notes and 808,377 shares for $3.0M gross proceeds.
~$2.015M of net proceeds used to repay Mosh Man Note, ending public sale of collateral.
Remaining funds expected to cover operations for only ~3 months; company will need additional capital.
Company plans to sell its video solutions business in the short term to raise funds.
Must file registration for public offering within 30 days; use proceeds to retire notes.

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