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Gun Stocks Alert: What Is Going on With Ammo (POWW) Stock Today?

  • Ammo (POWW) stock is slipping after placing its CSO and CFO on administrative leave.
  • This comes as it launches an investigation into the two executives.
  • The company believes they transferred data and digital assets to a third party.
many ammunition bullets pattern background representing POWW stock.

Source: ThomasLENNE / Shutterstock.com

Ammo (NASDAQ:POWW) stock is on the move today as investors react to news of two company executives being placed on administrative leave.

Those executives are Chief Strategy Officer Steven Urvan and Chief Financial Officer Susan Lokey. These two were placed on leave as the company investigates the potential misappropriation of  data to third parties.

According to a news release, Ammo has reason to believe company data and digital assets might have been sent to a third party controlled by Urvan. Lokey is also associated with this same third party.

Ammo’s Board of Directors has formed a special committee to investigate the matter. Currently, the committee doesn’t expect any findings that will affect the company’s financial results, balance sheet, or business prospects.

A statement released by that special committee includes the following.

“Mr. Urvan was aware of our concerns and our prior attempts to investigate and discern more information. We believe that his recently announced proxy contest to replace the entire Board may be, at least in part, an attempt by Mr. Urvan to thwart our investigation and driven by his desire to avoid accountability.”

Ammo operates GunBroker.com. This is the largest online marketplace for customers in the firearms and shooting sports industries.

POWW stock is down 2.9% as of Tuesday afternoon. Shares are also down 35.4% year-to-date.

There’s more recent stock market coverage traders will want to know about below!

We’ve got all the hottest stock news investors need to get through the day! For Tuesday, that includes the latest on Fisker (NYSE:FSR) and Proterra (NASDAQ:PTRA) stock, as well as short squeeze stocks to watch. You can catch up on all of this news at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/09/gun-stocks-alert-what-is-going-on-with-ammo-poww-stock-today/.

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