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SCOTTSDALE, AZ - Safety Shot, Inc. (NASDAQ:SHOT), a $52 million market cap company currently showing weak financial health according to InvestingPro metrics, announced Wednesday the appointment of three new members to its Board of Directors as part of a strategic refresh to support its new focus on subsidiary BONK Holdings LLC.
The company named Connor Klein, an investment partner at New Form Capital; Stacey Duffy, a financial due diligence and transaction advisory expert; and Jamie McAvity, co-founder and CEO of Bitcoin miner Cormint, Inc. to its board.
Following these appointments, the seven-member board now has a majority of directors aligned with the company’s new BONK-focused direction. Jordan Schur has resigned as President and board member, while Rich Pascucci has also stepped down from the board. The leadership changes come as the company faces significant challenges, with InvestingPro data showing a concerning 109% revenue decline and negative EBITDA of $27.8 million in the last twelve months.
Klein brings experience in financial infrastructure and decentralized finance (DeFi) investments from his role at New Form Capital and previous positions at Morgan Stanley and crypto startup Halliday. Duffy contributes expertise in complex financial transactions from her work at firms including Alvarez & Marsal and KPMG. McAvity adds operational experience in digital assets as the leader of Cormint, a Texas-based Bitcoin mining company.
"Their collective expertise in DeFi, institutional finance, and scaling high-growth technology companies will be invaluable as we execute on our vision for BONK Holdings and unlock the value of our beverage division," said Jarrett Boon, CEO of Safety Shot, in the press release.
Safety Shot describes itself as a company working to bridge traditional public markets and the digital asset ecosystem. The company maintains a beverage division that produces the Sure Shot drink and YerbaÉ energy beverage alongside its new focus on acquiring revenue-generating assets in the DeFi space. For detailed analysis and 12 additional key insights about Safety Shot’s financial health and market performance, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Safety Shot, Inc. announced a $30 million financing package, which includes a $5 million registered direct offering and a $25 million private placement paid in BONK tokens by BONK founding members. Additionally, the company has amended the conversion terms of its Series C Convertible Preferred Stock, raising the conversion price from $0.5582 to $1.081 per share. Safety Shot has also acquired a 10% revenue-sharing interest in BONK.fun, a decentralized platform on the Solana blockchain, with an initial $25 million in BONK tokens. The company is planning a ticker change to "BNKK," reflecting its strategic shift. In leadership changes, Mitchell Rudy, a core contributor to the BONK project, has joined the Board of Directors, while David Sandler has resigned as Chief Operating Officer and transitioned to a consultant role. Safety Shot has not yet named a successor for the COO position. These developments indicate a strategic pivot toward the digital asset ecosystem for the company.
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