AMMO, Inc. announced that it has reached a settlement agreement (the "Agreement") with Steven Urvan and Susan Lokey (collectively, the “Urvan Group”). Pursuant to the Agreement, the Company will appoint Christos Tsentas and Wayne Walker to the AMMO Board of Directors (the “Board”). Mr. Tsentas is a former investment banker with M&A and investment management experience, who also possesses firearms accessories manufacturing board experience.

Mr. Walker is a corporate governance expert with significant public company experience and more than 35 years of experience in corporate turnarounds. Messrs. Tsentas and Walker will stand for election at the Company's 2022 Annual Meeting of Shareholders (the “Annual Meeting”), which is scheduled for December 15, 2022.

With the appointments, AMMO's Board will increase in size to nine directors.