Breaking News

AMMO celebrated the grand opening of its new 185,000 square foot world-class ammunition manufacturing facility in Manitowoc, WI, on September 22nd. The Company currently employs over 300 people in Manitowoc and anticipates hiring another 100 team members over the next year with the completion of the new facility.

AMMO announced the rollout of its full portfolio of loaded ammunition, including its STREAK Visual Ammunition, brass casings and munition components, to an additional 440 retail stores in the first two quarters of the Company's fiscal year throughout the U.S. Included in the rollout were Turner's Outdoorsman and 5 new distributor partners. "The significant increase in demand across the commercial market has allowed us to further expand AMMO's distribution footprint throughout the U.S.," said Fred Wagenhals, AMMO's Chairman & CEO. "Adding distribution is critical to building our brand in the industry, and I am confident we will continue to grow our U.S. and international distribution at a rapid pace throughout the course of this fiscal year." Wagenhals added: "As anticipated, we are consistently receiving increasingly strong interest in our technologically advanced ammunition from military and law enforcement channels, including our patented armor piercing and STREAK rounds. We continue to expect this channel to be a fiscal 2023 growth driver."

AMMO announced that Steven Urvan, Chief Strategy Officer, and Susan Lokey, Chief Financial Officer of SpeedLight I, LLC d/b/a GunBroker.com, have been placed on administrative leave with immediate effect. The company said, "The Company has reason to believe that these individuals may have misappropriated the Company's data and digital assets and transmitted that data to a third party controlled by Mr. Urvan and with which Ms. Lokey is associated. The Company commenced an internal investigation into the alleged misconduct several weeks ago. During the pendency of the investigation, these individuals will remain suspended from their duties. The Company's board of directors has formed a special committee in connection with the conduct of Mr. Urvan. The Special Committee issued the following statement: "We are deeply concerned by the preliminary results of our investigation to date. We are committed to ensuring that all aspects of the Company's business are conducted with integrity, transparency and oversight. The Company seeks to protect its data and digital assets against all forms of misappropriation. Mr. Urvan was aware of our concerns and our prior attempts to investigate and discern more information. We believe that his recently announced proxy contest to replace the entire Board may be, at least in part, an attempt by Mr. Urvan to thwart our investigation and driven by his desire to avoid accountability. Nevertheless, we will continue our thorough investigation into the alleged misconduct. We will conduct this investigation with the urgency and diligence it deserves, and we will take responsive or preventative actions that the Special Committee determines to be appropriate. In the meantime, to protect the Company and its customers, stockholders and other stakeholders, the Special Committee has determined to place these individuals on administrative leave. It is untenable to allow these individuals continued access to the Company's systems, data, property or employees while the investigation is underway and until we fully understand the nature and scope of their prior actions. In the meantime, we remain committed to delivering exceptional and innovative products and experiences for outdoor sporting enthusiasts that drive value for our shareholders and other stakeholders. The Company currently does not expect the investigation to yield any findings that impact the financial results, balance sheet or business prospects of the Company."