It was after this altercation that an officer near Smith returned fire along with other officers who also fired at a "very close range", Davis added.
The video had been shown to the teen's family earlier on Wednesday.
Because the officers were not wearing bodycams and all of the audio and video came from the dashcam, it is not always clear in the video which of the three officers are speaking to the driver and his two passengers. Off-camera one officer is heard asking Smith about his shoes.
"Get your (interjection) give out", an officer told Smith, whose hands were out of the camera's view.
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The video indicates Smith pointing a handgun at officers, positioning it while his correct hand is stuck against a check, shooting it, and afterward positioning it once more. Smith's second shot barely missed an officer's face before all three officers opened fire.
The chief has not released the names of the officers involved, but said the department and officers have received death threats since the incident.
A separate internal inquiry is expected into whether department protocol was followed, according to police.
KTHV reports that the other two men in the video, who police have not identified, are not in custody.
"We're not at a point where we can make any conclusions", Proctor said.
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The footage released Wednesday stops right after Smith is shot.
Davis said the family and their attorney saw the footage before it was released to the public. He said an Arkansas attorney will be working with him as local counsel in the case. He added that the prosecutor's office could not force the Police Department to release any video associated with an investigation. He said that once an entire arrangement of video film is discharged, there could be a chance to investigate "what, on the off chance that anything, could have been done another way".
He said publicly releasing the footage of what happened after the teenager was shot would only cause "further emotional distress" for the family.
At a vigil Monday evening, Smith's family members and classmates described him as a fun-loving teenager who nearly always wore a smile.
At the vigil, his mother, Crystal Irvin, said: "I never would have thought it would be my baby".
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Information for this article was contributed by Hunter Field of the Arkansas Democrat-Gazette.