AMMO, Inc. announced on September 24, 2024, that its Chief Financial Officer resigned at the request of the Board of Directors. Concurrently, the company disclosed an independent investigation into its internal control over financial reporting for the fiscal years 2020 through 2023.
The investigation, conducted by a law firm retained by a Special Committee of the Board, is examining several critical areas. These include whether the company accurately disclosed all executive officers, members of management, and potential related party transactions during the specified fiscal years.
Additionally, the probe is reviewing the proper characterization of certain fees paid for investor relations and legal services in fiscal years 2021 and 2022, and the appropriate valuation of unrestricted stock awards to officers, directors, employees, and others from 2020 through 2022. The company stated that this independent investigation is in its final stages.
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