AMMO Inc's POWW plans to buy back up to $30 million worth of their stock.
What Happened: AMMO's Board of Directors has authorized a share repurchase program for up to $30 million.
"With a strong balance sheet, positive cash flow, and growing revenues, we believe it is appropriate to have the option to repurchase stock if it makes sense as the best investment at that time," said Fred Wagenhals CEO of Ammo.
Related: EXCLUSIVE: Ammunition Firm AMMO Sees Q3 Sales To Increase Almost 290%.
Why It's Important: The program is expected to commence following the public disclosure of the Company's Q3 FY22 financial results and filing its report on Form 10-Q and may be suspended or discontinued at any time.
AMMO will release its Q3 FY22 results on February 14.
It is a vertically integrated producer of ammunition and components. It also owns GunBroker.com, an online marketplace serving the firearms and shooting sports industries.
Price Action: POWW shares closed at $4.46 on Monday.
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