AMMO, Inc. Announces Closing of $18 Million Upsized Public Offering of Common Stock
December 04 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 closing of its previously
announced 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 were
$17,984,998.50, prior to deducting offering expenses, commissions
and underwriting discounts. The underwriters have a 45-day option
to purchase up to 1,284,643 additional shares of common stock at
the public offering price.
Alexander Capital, L.P. and Kingswood Capital
Markets, division of Benchmark Investments, Inc., acted as joint
bookrunners for the Offering. Lucosky Brookman served as the
Company’s legal counsel. Cozen O’Connor served as Underwriter’s
counsel.
AMMO’s CEO, Fred Wagenhals, commented that “we
are excited to have swiftly closed the Offering and are grateful
for the work of the amazing in-house team working in conjunction
with our world-class professional advisors to make this happen.
With our uplisting to Nasdaq effective on December 1, 2020, the
closing of the Offering bolsters AMMO’s ability to continue to
disrupt the stagnant ammunition industry while our team continues
to work night and day to enhance shareholder value.”
All shares in the Offering were 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 were
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 was made
by means of a written prospectus that forms a part of the
registration statement. A final prospectus relating to the Offering
was filed with the SEC and is available on
the SEC's website located at http://www.sec.gov and
may also be obtained from Alexander Capital, L.P., 17 State Street,
New York, New York 10014, 212-687-5650,
info@alexandercapitallp.com.
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 Statements
This 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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