AMMO, Inc. Comments on Letter from The Urvan Group
August 29 2022 - 11:12AM
AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the
owner of GunBroker.com, the largest online marketplace serving the
firearms and shooting sports industries, and a leading vertically
integrated producer of high-performance ammunition and components,
today responded to the letter and comments made by Steve Urvan.
The Board provided the following statement:
“AMMO’s Board and management team are focused on
executing on our strategy to drive long-term shareholder value. We
disagree with many of the assertions and analysis contained in the
public comments from Mr. Urvan and will be providing additional
information for our shareholders in coming days and weeks. In the
meantime, the Board and management team remain committed to
ensuring AMMO is operated for the benefit of all its shareholders.
We continue to invite all shareholders and other stakeholders to
share with us their views and perspectives on these topics.”
Advisors
Sidley Austin LLP and Lucosky Brookman LLP are serving as legal
advisors to AMMO.
About AMMO, Inc.
With its corporate offices headquartered in
Scottsdale, Arizona, AMMO designs and manufactures products for a
variety of aptitudes, including law enforcement, military, sport
shooting and self-defense. The Company was founded in 2016 with a
vision to change, innovate and invigorate the complacent munitions
industry. AMMO promotes branded munitions as well as its patented
STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and
specialty rounds for military and law enforcement use via
government programs. For more information, please visit:
www.ammo-inc.com.
About GunBroker.com
GunBroker.com is the largest online marketplace
dedicated to firearms, hunting, shooting and related products.
Aside from merchandise bearing its logo, GunBroker.com currently
sells none of the items listed on its website. Third-party sellers
list items on the site and Federal and state laws govern the sale
of firearms and other restricted items. Ownership policies and
regulations are followed using licensed firearms dealers as
transfer agents. Launched in 1999, GunBroker.com is an informative,
secure and safe way to buy and sell firearms, ammunition, air guns,
archery equipment, knives and swords, firearms accessories and
hunting/shooting gear online. GunBroker.com promotes responsible
ownership of guns and firearms. For more information, please visit:
www.gunbroker.com.
Forward Looking Statements
This document contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words like “may,”
“will,” “likely,” “should,” “expect,” “anticipate,” “future,”
“plan,” “believe,” “intend,” “goal,” “seek,” “estimate,” “project,”
“continue,” and similar expressions. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on current beliefs, expectations and
assumptions regarding the future of the business, future plans and
strategies, projections, anticipated events and trends, the
economy, and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Actual results and financial condition may
differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. The risks and uncertainties which
forward-looking statements are subject to include, but are not
limited to: risks related to the separation of our ammunition and
marketplace businesses, including that the process of exploring the
transaction and potentially completing the transaction could
disrupt or adversely affect the consolidated or separate
businesses, results of operations and financial condition, risks
related to AOS not being able to recruit the appropriate members of
its executive management team or board of directors, risks related
to the transaction not being completed in accordance with our
expected plans or anticipated timelines, or at all, risks related
to the transaction not achieving some or all of any of the
anticipated benefits with respect to either business, and risks
related to AOS’s ability to succeed as a standalone publicly traded
company. 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 Current Reports filed on
Form 8-K.
Important Additional Information and Where to Find
It
AMMO, Inc. (the “Company”) intends to file a
proxy statement on Schedule 14A, an accompanying WHITE proxy card
and other relevant documents with the Securities and Exchange
Commission (“SEC”) in connection with its solicitation of proxies
from the Company’s shareholders for the Company’s 2022 Annual
Meeting of Shareholders (the “Annual Meeting”). SHAREHOLDERS OF THE
COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE
PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Investors may obtain copies of the Company’s
proxy statement, proxy card, any amendments or supplements thereto
and other documents filed by the Company with the SEC when they
become available at no charge at the SEC’s website at www.sec.gov.
Copies will also be available at no charge in the “SEC Filings”
section of the Company’s Investor Relations website at
https://investors.ammoinc.com or by contacting the Company’s
Investor Relations Department at IR@ammo-inc.com after such
materials are electronically filed with, or furnished to, the
SEC.
Certain Information Regarding Participants to the
Solicitation
The Company, its directors and certain of its
executive officers are participants in the solicitation of proxies
from the Company’s shareholders in connection with matters to be
considered at the Annual Meeting. Information regarding the direct
and indirect interests, by security holdings or otherwise, of the
Company’s directors and executive officers in the Company is
included in the Company’s Proxy Statement on Schedule 14A for its
2021 Annual Meeting of Shareholders, filed with the SEC on
September 13, 2021, the Company’s Annual Report on Form 10-K for
the year ended March 31, 2022, filed with the SEC on June 29, 2022,
and in the Company’s Current Reports on Form 8-K filed with the SEC
from time to time. Changes to the direct or indirect interests of
the Company’s directors and executive officers are set forth in SEC
filings on Initial Statements of Beneficial Ownership on Form 3 or
Statements of Change in Ownership on Form 4. These documents are
available free of charge as described above. Updated information
regarding the identities of potential participants and their direct
or indirect interests, by security holdings or otherwise, in the
Company will be set forth in the Proxy Statement for the Annual
Meeting and other relevant documents to be filed with the SEC, if
and when they become available.
Investor Contact:
Matt BlazeiPhone: (516) 386-0430IR@ammo-inc.com
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