AMMO, Inc. Announces Closing of Underwriters’ $2.6 Million Over-Allotment of Common Stock
18 December 2020 - 12:00AM
AMMO, Inc. (Nasdaq: POWW ) (“AMMO” or the “Company”), a premier
American ammunition and munition components manufacturer and
technology leader, announced today the December 11, 2020 closing of
underwriters’ over-allotment 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.
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.
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.
Separately, Forest Street, LLC has converted to
equity $2.1 million of its $3.5 million loan provided to the
Company on September 23, 2020. Forest Street, LLC received 1
million shares of AMMO common stock and the subject Note principal
balance has been reduced to $1.4 million. Forest Street, LLC is
owned by AMMO’s Chairman and CEO, Fred Wagenhals. “I made this loan
on favorable market terms to the Company because I believe in our
mission and see the enormous daily advances our team is making in
growing the business. In consultation with our Board, I determined
to further commit myself to the long-term financial success of AMMO
through this transaction. I am a shareholder and this transaction
increases my holdings as we continue to work night and day to
enhance shareholder value in our expanding business platform,”
stated Mr. Wagenhals.
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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