What's Going On With Ammo Today?

AMMO Inc POWW is trading higher Monday morning after the company announced the closing of its acquisition of GunBroker.com.

What Happened: On Monday, the company announced the successful closing of the previously announced acquisition of GunBroker.com, the world’s largest online auction marketplace for firearms, hunting, shooting and related products. The transaction resulted in GunBroker.com becoming a wholly-owned subsidiary of AMMO.

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“We couldn’t be more excited about bringing the GunBroker.com team into the AMMO family. Everyone worked hard to make this happen – and we will now set about to further expand the GunBroker.com brand as we leverage the amazing IT platform Steve Urvan and his team developed to bring AMMO products and a host of other products and merchandise to the vibrant GunBroker.com marketplace,” said Fred Wagenhals, chairman and CEO of AMMO.

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The company plans to issue updated post-transaction guidance on May 11.

Price Action: AMMO has traded as high as $9.95 and as low as $1.54 over a 52-week period. At last check Monday, the stock was up 1.4% at $7.50.