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The Urvan Group Issues Statement Regarding AMMO Inc.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The Urvan Group, representing 17.1% of AMMO, Inc. (NASDAQ: POWW) shares, has nominated seven candidates for the Board of Directors ahead of the 2022 Annual Meeting. They emphasize the need for efficient evaluation of shareholder sentiment and advise against actions that could dilute shareholder value. A preliminary proxy statement will be filed with the SEC, urging shareholders to review this and other proxy materials for important information regarding the nomination process.
Positive
Urvan Group represents 17.1% of outstanding shares, indicating strong shareholder backing.
Nominations aim to enhance Board representation and improve company governance.
Negative
Potential for company leadership to engage in dilutive actions before the Annual Meeting.
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
Steven Urvan (together with the other participants in his solicitation, the “Urvan Group” or “we”), who owns approximately 17.1% of the outstanding common shares of AMMO, Inc. (NASDAQ: POWW) (“AMMO” or the “Company”), today issued the following statement following its nomination of seven highly qualified candidates for election to the Company’s Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”):
“We appreciate the positive feedback that has been proactively provided to us by our fellow shareholders. We also appreciate that the Company’s August 29th press release invited ‘all shareholders’ to articulate their views and perspectives. Given the Company’s finite resources and modest market capitalization, we hope leadership focuses on efficiently evaluating investor sentiment – not spending shareholders’ precious capital on a defensive and reactionary campaign. Likewise, we urge leadership to avoid any action or transaction that dilutes shareholders ahead of the Annual Meeting. Please trust that the Urvan Group is committed to continuing to advocate for all shareholders’ best interests and pursuing a value-enhancing transformation of AMMO in the public market.”
The Urvan Group intends to file a preliminary proxy statement and accompanying GREEN Universal proxy card with the Securities and Exchange Commission to be used to solicit votes for the election of its slate of highly-qualified director nominees at AMMO’s 2022 Annual Meeting.
THE URVAN GROUP STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE SOLICITATION STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE SOLICITATION STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the solicitation are anticipated to be Gregg Alper, Darren Farber, William L. Fraim, Susan T. Lokey, Christos Tsentas, Steven F. Urvan and Wayne R. Walker.
As of the date hereof, Mr. Urvan directly owns 20,040,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”). As of the date hereof, Ms. Lokey directly owns 40,000 shares of Common Stock. As of the date hereof, none of Messrs. Alper, Farber, Fraim, Tsentas, or Walker beneficially owns any shares of Common Stock.
