AMMO Inc., a US manufacturer of branded and specialty ammunition, raised $18 million by offering 8.6 million shares at $2.10, below that last close of its shares on the OTCQB (POWW). The company offered 1.4 million more shares than anticipated. At pricing, the company raised 20% more in proceeds than anticipated to command a market value of $124 million.
AMMO Inc. plans to list on the Nasdaq under the symbol POWW. Alexander Capital and Kingswood Capital Markets acted as lead managers on the deal.
