AMMO, Inc. announced that its board of directors has unanimously approved a plan to separate its ammunition and marketplace businesses into two independent publicly-traded companies. Outdoor Online, Inc. (Outdoor Online) will be comprised of GunBroker.com and its related online businesses. Current AMMO Chairman & CEO, Fred Wagenhals, will assume the Chairman & CEO role in Outdoor Online.

The second entity, Action Outdoor Sports, Inc. (AOS), will retain the company's current ammunition and munition components business, including its well- established STREAK, Signature, Blackline, /stelTH/, Blueline, AMMO Brass, and Hunt Ammunition brands. The AOS CEO, executive management team and board of directors will be announced at a later date and in advance of consummation of this transformational transaction, anticipated to close during calendar 2023. The company expects to create these companies through a tax-free spin-off by AMMO of AOS.