AMMO, Inc. Announces Closing of $115 Million Public Offering of Common Stock
March 16 2021 - 12:00PM
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) 678-9147 or via e-mail at
rothecm@roth.com or 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 the final
prospectus supplement relating to the Offering, 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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