By Sam Boughedda
Steven Urvan's Urvan Group, which owns approximately 17.1% of the outstanding common shares of AMMO Inc (NASDAQ:POWW), released a statement on Monday, nominating seven candidates for election to the AMMO Inc board.
Urvan said he nominated the candidates based on his conviction in the long-term value that can be unlocked at AMMO.
"I recognize this is a relatively extraordinary step for a sitting director," wrote Urvan. "We believe a reconfigured Board can implement a new strategy for evolving AMMO from a conventional ammunitions manufacturing business to a diversified, growing and profitable ecommerce platform – ideally resulting in an improved trading price multiple and enhanced value for shareholders."
He added that they plan to evaluate the long-term pros and cons associated with splitting up the company's synergistic businesses. In addition, Urvan clarified that the decision to nominate potential board members is about creating sustained value for shareholders, and they are not seeking to acquire all or part of the company.