Ammo up after settling months-long proxy fight

Outdoor Holding

07/11/2022 17:07

** Shares of ammunitions maker Ammo Inc  POWW.O  up 1% after
announcing settlement with largest shareholder Steven Urvan
    ** POWW to add two board members, both of whom were part of
Urvan's proposed slate of new directors when he initiated a
proxy fight against co in August
    ** As part of the settlement, Scottsdale, Arizona-based POWW
will also form a committee to search for a new CEO
    ** Urvan, who founded online firearms marketplace
GunBroker.com which POWW bought last year, will remain on POWW's
board, co says
    ** Co also suspends planned separation of ammunition and
marketplace unit due to market conditions
    ** YTD, POWW is down 42%
 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))