AMMO, Inc Announces Closing of Acquisition of GunBroker com
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AMMO, Inc Provides Update on its Letter of Intent to Acquire Gunbroker Com
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Firearms enthusiasts might call it two great tastes that taste great together. Ammunition manufacturer
Ammo (NASDAQ:POWW) intends to acquire GunBroker.com and Ammo stock is exploding on the news.
So what
At 11:50 a.m. EST on Thursday, shares of Ammo stock are up an astounding 20.9% in response to the company s announcement that it may buy leading online firearms marketplace GunBroker.com. As Ammo advised, it has signed a non-binding letter of intent to acquire GunBroker.com from its parent company, IA Tech LLC.
Finalizing the purchase will be contingent upon what Ammo finds after conducting due diligence on its proposed prize, as well as negotiating a definitive agreement for the purchase, getting regulatory approval and. raising enough cash to buy the company. (After all, at last report Ammo only had about $3 million in the bank.)