Ammo ticks up as top investor seeks board control, promotes e-commerce platform

Outdoor Holding

29/08/2022 15:03

** Ammo Inc  POWW.O  shares up 0.8% to $3.96 early Mon as
largest investor looks to take control of ammunition
manufacturer's board
    ** Steve Urvan, 17% owner, nominated 7 director candidates,
including himself, to firm's board, per his letter to
shareholders  urn:newsml:reuters.com:*:nL1N3040EN
    ** Urvan sold GunBroker.com, co he founded and ran for over
two decades, to Ammo in 2021 and believes firm could attain $1
bln in annual sales in coming years by growing online platform
and entering new categories
    ** In the letter, Urvan says his director slate of
candidates aim to keep ammunitions and marketplace businesses
together until a reconstituted board "can conduct a fresh
assessment of the enterprise"
    ** Shareholder vote on directors to occur at co's annual
meeting due later this year
    ** POWW shares have lost ~33% since co early on Aug 15
announced business split plan, and then after market close
posted qtrly rev below Street consensus, saying gross margin
decrease due to higher material costs and labor expenses as it
transitions to new manufacturing facility  urn:newsml:reuters.com:*:nL1N2ZS17O

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))