AMMO, Inc. Agrees to Repurchase 1,000,000 Shares for $1.5 Million
SCOTTSDALE, Ariz.,— AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, is pleased to announce that its Board of Directors has authorized the Company to enter into an agreement to repurchase 1 million shares of its common stock for $1.5 million.
AMMO has exercised an existing contract right with Jagemann Stamping Company to repurchase 1 million shares of the Company’s common stock (the “Shares”) for $1.5 million ($1.50/share) which represents approximately 2% of the Company’s outstanding common shares. The Company will promptly retire the Shares upon consummation of the transaction.
“The repurchase of these Shares reaffirms our optimism and confidence in the long-term future of our business,” said Fred Wagenhals, AMMO’s Chairman and CEO. Mr. Wagenhals further commented that “we are always mindful of the critical importance of deploying capital in a balanced manner. By repurchasing the Shares and retiring them, we will reduce shareholder dilution while further supporting the demand and share price for the benefit of our shareholders. These metrics are always of critical importance to our Board, management team and shareholders at large.”
About AMMO, Inc.
With its corporate offices headquartered in Scottsdale, Arizona. AMMO, Inc. (the “Company and/or 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 armor piercing rounds for military use. For more information please visit: www.ammo-inc.com.