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SCOTTSDALE, AZ - Safety Shot, Inc. (NASDAQ:SHOT) announced on Monday a strategic alliance with BONK founding contributors that will provide the company with approximately $25 million worth of BONK tokens. The company’s stock, which has seen a remarkable 144% surge over the past six months according to InvestingPro data, trades with notably high volatility.
In exchange for the tokens, Safety Shot will issue preferred shares valued at $35 million, which can be converted into the company’s common stock, according to a press release statement.
The company reported it has settled all outstanding debt and currently holds over $15 million in cash.
"This strategic partnership represents the first stage of a much broader corporate evolution for our company," said Jarrett Boon, CEO of Safety Shot. "By aligning with one of the most exciting ecosystems in digital assets, we are taking a bold first step." According to InvestingPro’s comprehensive analysis, which includes 14+ additional insights available to subscribers, the company currently shows weak financial health metrics but maintains strong momentum in its stock price.
BONK, built on the Solana blockchain, has a market capitalization of over $2 billion as of July 31, making it the fourth-largest memecoin globally, according to data cited in the announcement. The token reportedly has more than 980,000 on-chain holders.
Safety Shot, which produces beverages including its namesake product designed to reduce blood alcohol content, described the partnership as part of a new strategy focused on acquiring revenue-generating assets within the decentralized finance (DeFi) space.
Dominari Securities, LLC is serving as the exclusive financial advisor to Safety Shot for the transaction.
The company indicated it plans to share additional details about its strategy with shareholders in the coming days.
In other recent news, Safety Shot, Inc. announced a registered direct offering of 22,993,492 shares priced at $0.461 per share, aiming to raise approximately $16.3 million. In a concurrent private placement, the company issued warrants for up to 45,986,984 additional shares with an exercise price of $0.461 per share. Safety Shot has also been granted a 180-day extension by Nasdaq to comply with the minimum bid price requirement, giving the company until December 29, 2025, to meet this standard. The company has recently resolved a settlement with former CFO Danielle De Rosa, agreeing to issue 425,000 shares, accelerate 200,000 stock options, and pay her $300,000. Following De Rosa’s departure, Markita L. Russell has been appointed as the new Chief Financial Officer, bringing over 30 years of experience. Safety Shot’s recent financial moves and leadership changes are part of its ongoing strategic adjustments.
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