AMMO Suspends 2 Top Executives On Suspected Misuse Of Data, Digital Assets; Stock Down In Pre-market

(RTTNews) - AMMO, Inc. (POWW), owner of GunBroker.com, an online platform for firearms and shooting sports, said on Tuesday that Steven Urvan, Chief Strategy Officer, and Susan Lokey, Chief Financial Officer of SpeedLight I, LLC d/b/a GunBroker.com, have been asked to go on leave.

The company suspects that the two executives may have misappropriated its data and digital assets to transmit the same to a third party controlled by Urvan with which Lokey is also associated.

The executives will remain suspended from their duties, until the company completes its investigation.

AMMO has already started an internal probe into the alleged misconduct several weeks ago.

In addition, Board has also formed a special committee in connection with the case. The special committee said that the suspension aims to protect the company and its customers, stockholders, and other stakeholders.

"…Nevertheless, we will continue our thorough investigation into the alleged misconduct. We will conduct this investigation with the urgency and diligence it deserves, and we will take responsive or preventative actions that the Special Committee determines to be appropriate," the special committee added.

AMMO is trading down by 3.58 percent at $3.50 per share in pre-market on the NasdaqCM.