Business
AMMO, Inc. Announces Closing of $115 Million Public Offering of Common Stock
SCOTTSDALE, Ariz., March 16, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition
About this update from Outdoor Holding Company
[{"type":"text","content":"SCOTTSDALE, Ariz., March 16, 2021 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, announced today the closing of its previously announced underwritten public offering of 23 million newly-issued shares of common stock at a price to the public of $5.00 per share (“Offering”). The closing included the full exercise of the underwriters’ over-allotment option to purchase 3 million shares of common stock at the public offering price, for gross proceeds to the Company of $115 million, prior to deducting offering expenses, commissions and underwriting discounts. “We are excited to have received such a positive response to AMMO’s strategic vision. The Company plans to continue on the course our team has charted to build a great American ammunition company. With this raise in hand, we intend to proceed with the construction of our expansive new plant and further targeted production capacity increases, while standing poised to react to potential acquisition opportunities that will drive shareholder value,” said AMMO’s Chairman & CEO, Fred Wagenhals. Roth Capital Partners and Alexander Capital, L.P., acted as joint bookrunners for the Offering. Lucosky Brookman LLP served as the Company’s legal counsel. Pillsbury Winthrop Shaw Pittman LLP served as Underwriters’ counsel. All shares in the Offering were sold by the Company. AMMO intends to use the net proceeds from this Offering for general corporate purposes and working capital purposes, including debt reduction and capital expenditures. In addition, AMMO may use a portion of the proceeds for potential acquisitions. The shares of common stock are being offered pursuant to an effective shelf registration statement (333-253192) that AMMO previously filed with the Securities and Exchange Commission (SEC), which became effective on February 24, 2021. A final prospectus supplement relating to, and describing the terms of, the Offering has been filed with the SEC and is available on the SEC’s web site at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the Offering may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Newport Beach, California 92660, Attn: Equity Capital Markets, via telephone at (800) 678-914...