Who Owns AMMO Company?

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Who Owns Outdoor Holding Company?

Understanding the ownership of Outdoor Holding Company, formerly AMMO, Inc., is key to grasping its strategic path and accountability. A significant development was the 2021 acquisition of GunBroker.com for about $240 million, integrating a major e-commerce platform.

The company, founded in 2016, aims to innovate within the munitions sector. Its headquarters are in Scottsdale, Arizona, and it serves law enforcement, military, and sport shooting markets.

Who owns Outdoor Holding Company?

As of August 15, 2025, Outdoor Holding Company (NASDAQ: POWW) has a market capitalization of approximately $153 million. For fiscal year 2024, the company reported net revenues of $145.1 million. This analysis will explore its ownership changes, including founder stakes, early investors, institutional shareholders, and recent asset sales, such as its ammunition manufacturing assets in April 2025. For a deeper dive into market influences, consider an AMMO PESTEL Analysis.

AMMO, Inc. was established in 2016 by Fred Wagenhals, who also served as Chairman and CEO. Chris Larson is also recognized as an active founding partner. While precise initial equity details are not publicly documented, the founders' objective was to innovate within the munitions sector.

Founding Year

AMMO, Inc. was founded in 2016, aiming to bring innovation to the munitions industry.

Initial Public Offering

The company first went public in March 2017 via a reverse merger. It later uplisted to the Nasdaq Capital Market in December 2020 after an $18 million public offering.

Acquisition Impact

The acquisition of GunBroker.com in 2021 significantly altered the ownership structure. This deal involved a cash payment of approximately $50 million and the issuance of 20 million shares.

Major Shareholder

Steven Urvan, founder of GunBroker.com, became AMMO's largest shareholder with about 17% of outstanding shares post-acquisition.

CEO's Stake

As of January 2022, CEO Fred Wagenhals held approximately 6.2% of the company's outstanding shares, making him the second-largest shareholder at that time.

Early Funding

Specific details regarding the company's early capital or funding sources for its initial phase have not been explicitly disclosed in public records.

The early ownership of AMMO, Inc. saw significant shifts, particularly following the acquisition of GunBroker.com. Steven Urvan emerged as the largest shareholder, holding approximately 17% of the company's shares. This strategic move positioned him as a key stakeholder. In parallel, the company's founder and CEO, Fred Wagenhals, maintained a substantial stake, holding around 6.2% of the outstanding shares as of January 2022, which made him the second-largest individual shareholder. This ownership dynamic highlights the influence of both the founding team and strategic acquisition partners in shaping the company's trajectory. Understanding these early ownership structures is crucial for grasping the Competitors Landscape of AMMO.

Key Ownership Milestones

The ownership structure of AMMO, Inc. evolved significantly from its founding. Key events include its public debut and a major acquisition that brought in a substantial shareholder.

• Founded in 2016 by Fred Wagenhals and Chris Larson.
• Went public in March 2017 via reverse merger.
• Uplisted to Nasdaq in December 2020 with an $18 million offering.
• Acquisition of GunBroker.com in 2021 led to Steven Urvan becoming the largest shareholder.
• Fred Wagenhals held approximately 6.2% of shares as of January 2022.

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AMMO, Inc.'s journey from its initial public offering in March 2017 to its Nasdaq uplisting in December 2020 marked a significant shift in its ownership landscape. This move provided greater access to capital, fueling its expansion and strategic acquisitions, such as the pivotal purchase of GunBroker.com in 2021, which reshaped its business model and investor base.

The ownership structure of AMMO, Inc. reflects a blend of significant institutional backing and substantial individual holdings, indicating a dynamic investor community. As of August 15, 2025, the company's market capitalization reached $153 million, with institutional investors holding a notable 42.21% by April 2025. This broad institutional interest is led by entities such as Balentine LLC, holding 14.72%, and Kanen Wealth Management LLC, with 7.42%. On the individual front, Steven Urvan remains a key figure, having held approximately 17.1% of the outstanding common shares as of August 2022, positioning him as the largest individual shareholder. The company's history includes transformative events, like the acquisition of GunBroker.com, which, while diversifying its operations, also brought governance complexities, including legal challenges concerning the transaction's terms.

Understanding AMMO Company's Stakeholders

The ownership of AMMO, Inc. is distributed among various entities, impacting its strategic direction and governance.

• Institutional investors collectively own over 42% of the company's stock.
• Key institutional holders include Balentine LLC and Kanen Wealth Management.
• Steven Urvan is the largest individual shareholder, holding over 17% of shares.
• The founder, Fred Wagenhals, also maintains a significant stake.
• Understanding these stakeholders is crucial for analyzing the AMMO company's future trajectory and aligns with insights into the Mission, Vision & Core Values of AMMO.

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The current board of directors for Outdoor Holding Company, formerly AMMO, Inc., is responsible for guiding the company's strategic path. Sheila N. Blair serves as the Independent Chair of the Board, with Fred Wagenhals, the company's founder, having previously held roles as Chairman and CEO. Jared R. Smith assumed the position of Chief Executive Officer on July 28, 2024.

The voting power within the company operates on a one-share-one-vote basis for common stock holders, without cumulative voting for director elections. This structure means that voting influence is directly tied to the number of shares owned. Steven Urvan, identified as the largest shareholder, demonstrated this influence by initiating a proxy battle in August 2022. His campaign aimed to reshape the board by nominating a full slate of director candidates, emphasizing enhanced corporate governance and reduced insider representation. This action brought to light concerns regarding related party transactions, including a loan of $3.5 million provided to AMMO by an entity controlled by Fred Wagenhals, carrying a 12% annual interest rate. The company's corporate governance has also been under scrutiny, with identified material weaknesses in internal controls and an ongoing independent investigation into financial reporting inaccuracies spanning fiscal years 2021 through 2024. Understanding who owns AMMO and the concentration of AMMO stock ownership is key to grasping the dynamics of its governance and strategic decisions. The AMMO company leadership's decisions are closely watched by AMMO company investors, especially given the recent leadership changes and the ongoing focus on AMMO company ownership structure.

Understanding Shareholder Influence

Shareholder influence is directly proportional to the number of shares held, with a one-share-one-vote system in place.

• Steven Urvan, as the largest shareholder, has actively sought to influence board composition.
• Concerns over related party transactions have been raised by significant shareholders.
• The company has faced scrutiny regarding its internal controls and financial reporting.
• The founder's stake in the company remains a significant factor in its ownership structure.
• The AMMO company founder's stake in the company is a key element in understanding AMMO company owner dynamics.

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Over the past few years, AMMO, Inc. has experienced significant transformations in its ownership and strategic focus. A key leadership change saw Jared Smith appointed as CEO on July 28, 2024, amidst ongoing financial scrutiny that led to a Nasdaq deficiency notification in February 2025.

AMMO, Inc. has strategically restructured, aiming to separate its ammunition and marketplace businesses. This plan, approved in August 2022, culminated in April 2025 with the sale of its ammunition manufacturing assets. The company is now primarily focused on its online marketplace, GunBroker.com, and has been renamed Outdoor Holding Company. This shift in business model is expected to influence future AMMO company investors, potentially attracting those interested in e-commerce and technology within the firearms sector.

Strategic Business Separation

AMMO, Inc. planned to split into two public companies: one for its marketplace and one for ammunition. This separation was completed in April 2025 with the sale of its ammunition manufacturing assets.

Financial Reporting Challenges

The company received a warning in October 2024 that its financial statements from fiscal years 2021-2024 should not be relied upon. This led to a Nasdaq deficiency notification in February 2025 for late filings.

Revenue and Profitability Outlook

Fiscal year 2024 net revenues decreased by 24.2% to $145.1 million, with a further drop in the first quarter of fiscal 2025 to $31 million. Analysts anticipate a return to profitability in 2025.

Shift in Business Focus

Following the sale of its ammunition business, the company's primary focus is now on its online marketplace, GunBroker.com. This strategic pivot is detailed further in the Growth Strategy of AMMO.

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