Ammo surges as co extends buyback plan

Outdoor Holding

28/03/2023 18:41

** Ammo Inc's  POWW.O  shares up 10.5% at $1.95, rising for
3rd straight session, as ammunition maker extends buyback
program
    ** POWW shares on track for biggest one-day pct gain since
Jun 30, 2021
    ** Scottsdale, Arizona-based firm early Tues said board
approved extending $30 mln share repurchase plan to Feb 2024
    ** As of Feb 14, co had approx $29.7 mln remaining on the
program
    ** In Nov, POWW settled months-long proxy fight with largest
shareholder Steven Urvan, founder of firearms marketplace
GunBroker.com, which it bought last year
    ** At that time, it also began search for new CEO as part of
the settlement and suspended planned separation of ammunition
and marketplace unit citing market conditions
    ** POWW had roughly $200 mln market cap through Mon, per
Refinitiv data
    ** Including advance on Tues, POWW shares have lost ~60%
over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com))