Business
AMMO, Inc. Announces Pricing of $18 Million Upsized Public Offering of Common Stock and Concurrent Uplisting to the Nasdaq Capital Market
SCOTTSDALE, Ariz., Dec. 01, 2020 (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., Dec. 01, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, announced today the pricing of an underwritten public offering of 8,564,285 shares of common stock at a price to the public of $2.10 per share (“Offering”). The gross proceeds to AMMO from this Offering are expected to be approximately $18 million, prior to deducting offering expenses, commissions and underwriting discounts. In addition, AMMO granted the underwriters a 45-day option to purchase up to 1,284,643 additional shares of common stock at the public offering price in the amount of $2,697,750, less commissions and underwriting discounts. The Offering is expected to close on December 3, 2020, subject to the satisfaction of customary closing conditions.\n Alexander Capital, L.P. and Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as joint bookrunners for the Offering. AMMO is also pleased to announce its common stock has been approved to list on The Nasdaq Capital Market® (“Nasdaq”) under its current “POWW” ticker symbol and is expected to begin trading on Nasdaq on December 1, 2020. “We are excited to have achieved this milestone,” said Fred Wagenhals, AMMO’s CEO. “We look forward to using the proceeds of this offering to develop new products, expand our team and upgrade our sales and marketing capabilities. Additionally, in satisfying Nasdaq’s liquidity and financial requirements, we believe the uplisting to Nasdaq elevates and enhances our visibility within the investing community. Our longstanding and unwavering goal is to drive long-term stockholder value. With the achievement of this uplisting, we believe we will be able to broaden our stockholder base and our stock will have greater liquidity. With this important interim goal met, we will move forward with our plans to strategically expand our operational footprint and continue to disrupt the industry with cutting-edge and technologically improved product offerings,” stated Mr. Wagenhals. All shares in the Offering are being sold by the Company. AMMO anticipates using the net proceeds from the Offering for capital expenditures, new product research and development, upgrading of sales and marketing capabilities and the balance for working capital an...