AMMO, Inc. Announces Pricing of $18 Million Upsized Public Offering of Common Stock and Concurrent Uplisting to the Nasdaq Ca...
December 01 2020 - 8:00AM
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.
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 and general corporate purposes.
The shares of common stock described above are
being offered by AMMO pursuant to a registration statement on Form
S-1 (File No. 333-248800) that was initially filed by the Company
with the U.S. Securities and Exchange Commission (SEC) on
September 15, 2020 and declared effective by
the SEC on November 30, 2020. The Offering is being
made only by means of a written prospectus that forms a part of the
registration statement. A preliminary prospectus relating to the
Offering was filed with the SEC and is available on
the SEC's website located at http://www.sec.gov. A
final prospectus relating to the Offering will be filed with the
SEC. When available, copies of the final prospectus relating to the
Offering may be obtained from Alexander Capital, L.P., 17 State
Street, New York, New York 10014, 212-687-5650,
info@alexandercapitallp.com and will be available on the SEC’s
website.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
Forward Looking StatementsThis
document contains certain “forward-looking statements”. All
statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including, but not limited to, any projections of
earnings, revenue or other financial items; any statements of the
plans, strategies, goals and objectives of management for future
operations; any statements concerning proposed new products and
services or developments thereof; any statements regarding future
economic conditions or performance; any statements or belief; and
any statements of assumptions underlying any of the foregoing.
Forward looking statements may include the words
“may,” “could,” “estimate,” “intend,” “continue,” “believe,”
“expect” or “anticipate” or other similar words, or the negative
thereof. These forward-looking statements present our estimates and
assumptions only as of the date of this report. Accordingly,
readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the dates on
which they are made. We do not undertake to update forward-looking
statements to reflect the impact of circumstances or events that
arise after the dates they are made. You should, however, consult
further disclosures and risk factors we include in Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on
Form 8-K.
Investor Contact:Rob Wiley,
CFOAMMO, Inc.Phone: (480) 947-0001IR@ammo-inc.com
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