AMMO Bundle
Who controls AMMO, Inc. today?
AMMO, Inc. reshaped ownership after acquiring GunBroker.com in 2021, shifting influence from founders to institutional holders and market-driven activists. The transaction made GunBroker the primary profit engine and changed voting dynamics through 2024–2025.
Founders’ equity was diluted post-IPO while institutions, hedge funds and public shareholders now hold the bulk of the free float; board control has seen activist pressure and strategic realignments through 2024–2025. See AMMO Porter's Five Forces Analysis for competitive context.
Who Founded AMMO?
Founders and early ownership of AMMO centered on veteran entrepreneur Fred W. Wagenhals and operations lead Jesse James 'J.' D. 'Jim' Antczak, with early commercial input from Steven C. Urvan; Wagenhals acted as Executive Chairman/CEO and principal equity holder from inception circa 2016–2017, while Antczak and initial team members held minority common equity and options.
Founding Team Roles
Wagenhals led strategy and capital formation; Antczak managed operations and manufacturing; Urvan provided channel and marketplace expertise.
Equity Structure at Inception
Specific seed-cap table percentages were not publicly filed; pre-IPO disclosures show Wagenhals held controlling founder status with supermajority influence among insiders.
Early Investor Types
Initial capital came from friends-and-family and angel investors focused on manufacturing scale-up (STREAK Visual Ammunition and custom loads) and channel partnerships.
Compensation and Vesting
Founder and early employee equity commonly vested over four years with one-year cliffs; option grants were used to attract industry operators and sales talent.
Governance Protections
Change-of-control and buy-sell provisions were embedded in executive employment and option award agreements to protect insider control and liquidity pathways.
Litigation and Control
No material founder litigation surfaced in early years; control remained centered on Wagenhals as the public-face founder with supermajority influence prior to uplisting.
Pre-IPO filings and investor presentations from 2020–2024 reiterate Wagenhals as the dominant insider; public disclosures required at uplisting later clarified that founder-option pools and structured voting rights preserved his control versus dispersed common shareholders.
Key ownership takeaways
Concise facts useful for ownership research and investor due diligence on Who owns AMMO and AMMO Inc ownership.
- Founders: Fred W. Wagenhals (controlling founder/CEO), Jesse James 'J.' D. 'Jim' Antczak (operations), Steven C. Urvan (early commercial advisor).
- Seed cap table: not publicly filed; pre-IPO shows Wagenhals with supermajority insider influence.
- Equity mechanics: four-year vesting with one-year cliffs, option pools to recruit talent.
- Early backers: friends-and-family and angels targeting manufacturing expansion; no material founder litigation in early years.
For depth on strategy intersecting ownership and market positioning, see Marketing Strategy of AMMO and consult SEC filings to verify AMMO Company owner, AMMO Inc majority shareholder identity, and detailed AMMO ownership percentage breakdown.
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How Has AMMO’s Ownership Changed Over Time?
Key events reshaped Who owns AMMO: capital raises in 2019–2020 diluted insiders but funded capacity; the 2021 GunBroker acquisition for about $240–$250 million made Steven Urvan a major post‑deal holder; subsequent equity raises and rising institutional ownership through 2024–mid‑2025 shifted control toward diversified indexers and micro‑cap managers.
| Period | Key ownership changes | Notable holders / effects |
|---|---|---|
| 2019–2020 | Registered direct offerings and unit financings to expand manufacturing capacity | Early insider stakes diluted; institutions began building positions anticipating e‑commerce leverage |
| 2021 | Acquisition of GunBroker.com in cash‑and‑stock deal (~$240–$250 million) | Steven Urvan became one of the largest shareholders; float widened as shares issued to seller group |
| 2022 | Further equity raises to support integration and working capital | Institutional ownership rose; ETFs/index funds initiated positions as liquidity improved |
| 2023 | Shareholder rotation toward small‑cap value and special‑situations funds | Insider ownership fell to mid‑single digits cumulatively; marketplace revenue mix increased |
| 2024–mid‑2025 | 13F/beneficial filings show diversified institutional concentration | Largest holders include Vanguard, BlackRock, State Street; Urvan remains a significant individual owner |
Public float exceeds the majority of outstanding shares; no disclosed dual‑class equity; institutional oversight emphasized profitability, GunBroker product expansion, and clearer capital allocation between buybacks and ammo capex.
Ownership snapshot and implications
Who owns AMMO today reflects a shift from founder/insider concentration to diversified institutional ownership, with strategic influence from GunBroker’s seller group and Steven Urvan.
- Insiders collectively hold a minority single‑digit percentage (mid‑single digits by 2024–2025)
- Top institutional holders: Vanguard, BlackRock, State Street, plus select micro‑cap value managers
- Post‑2021 float expansion after share issuance to GunBroker sellers increased public liquidity
- SEC filings (13F, beneficial ownership reports) are primary sources to verify current AMMO Inc ownership
For deeper context on market positioning and strategic rationale behind ownership shifts, see Target Market of AMMO.
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Who Sits on AMMO’s Board?
As of 2024–2025 AMMO’s board mixes founder/insider representation with independent directors experienced in e-commerce, firearms and manufacturing; the board remains majority independent and committees are chaired by independent directors to meet Nasdaq requirements.
| Director | Role/Background | Committee Links |
|---|---|---|
| Fred W. Wagenhals | Founder; former CEO/Executive Chairman; firearms manufacturing and retail founder | Board member (insider) |
| Independent Director A | E‑commerce and digital marketplace executive | Chair, Audit Committee |
| Independent Director B | Manufacturing and supply‑chain expert | Chair, Compensation Committee |
| Independent Director C | Corporate governance and finance background | Chair, Nominating & Governance Committee |
| Representative aligned with Steven Urvan | Investor‑aligned director reflecting sizeable post‑deal stake | Influences marketplace strategy discussions |
Voting uses a one‑share‑one‑vote common stock structure; no dual‑class or super‑voting founder shares have been disclosed, so control arises from block ownership by institutions or large individuals rather than special rights.
Board oversight and shareholder engagement
Engagements in 2023–2024 with activist‑leaning investors shaped agenda setting, committee work and capital allocation debates.
- Board majority independent; independent chairs meet Nasdaq independence rules
- One‑share‑one‑vote common stock—no disclosed dual‑class structure
- Investor Steven Urvan’s representative has influenced marketplace strategy given a notable post‑deal stake
- Shareholder discussions sought clearer separation of marketplace vs manufacturing economics and board refreshment
For context on company mission and governance philosophy see Mission, Vision & Core Values of AMMO; SEC filings (Form 10‑K, DEF 14A) list institutional holders and provide ownership percentages and beneficial owner details for verification as of 2024–2025.
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What Recent Changes Have Shaped AMMO’s Ownership Landscape?
Ownership of AMMO has shifted from concentrated founder control toward greater institutional and passive index presence since 2021, driven by equity issued in acquisitions and selective secondary offerings; insiders retain meaningful stakes but founder dilution has been gradual as liquidity improved.
| Period | Key Ownership Moves | Ownership Impact |
|---|---|---|
| 2021–2022 | Post-acquisition integration of GunBroker.com; equity issued to sellers; institutions increased positions | Raised digital revenue mix; float increased and early insiders experienced dilution |
| 2023–2024 | Industry normalization cut ammo backlog; selective ATM and secondary raises; limited insider selling | Gradual founder dilution; higher institutional concentration; analysts noted spin-off optionality for marketplace |
| 2024–2025 | Rising passive index ownership; concentration among top institutions; Urvan as leading individual holder | Focus on margin expansion and operating leverage at GunBroker; buybacks under consideration; no privatization announced |
Investors monitoring Who owns AMMO dynamics should watch disclosures on potential strategic alternatives for the marketplace, board refresh moves, and any large secondary blocks that could rebalance control among top holders; see broader sector trends of consolidation and activist interest that reinforce governance scrutiny and institutional engagement — further context available in this article on the company’s strategy: Growth Strategy of AMMO
2021–2022: Integration & Equity Issuance
GunBroker acquisition increased digital revenue share; equity issued to sellers expanded public float and improved liquidity, enabling institutions to build positions.
2023–2024: Profitability Focus
With ammo pricing normalizing, investors prioritized marketplace profitability; AMMO used ATM programs and selective secondaries to fund GunBroker tech and operations while limiting insider sales.
2024–2025: Institutional Concentration
Passive index ownership rose and top institutions concentrated stakes; Urvan is noted as a leading individual holder and governance-focused funds responded positively to margin and leverage themes.
Watchpoints for Shareholders
Key items include potential marketplace spin-off, board refresh initiatives, large secondary blocks, and any changes to buyback plans — all affecting AMMO Inc ownership, shareholder mix, and voting control.
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