Outdoor Holding Company, the owner of GunBroker.com is reporting that Steve Urvan, the founder of GunBroker.com and the largest shareholder of the company, will serve as the company’s chief executive officer and chairman of the Board following the recent closing of the divestiture of the company’s ammunition manufacturing division and in connection with the settlement of litigation between Urvan and the company.
Urvan’s appointment will be effective at 5:00 p.m. EST, May 30, 2025, provided that, as at such time, Nasdaq has not objected to the settlement transaction.
Urvan commented, “I am excited to step into the executive role to drive the core GunBroker business and lead the company’s recent repositioning of the publicly traded holding company as Outdoor Holding Company. Although there is a lot of hard work ahead, we are going to build a winning culture and set clear operating principles to guide us to success. I look forward to providing updates to all of my fellow shareholders and stakeholders in the coming quarters in a renewed spirit of openness and transparency.”
The company’s Board of Directors determined that Urvan is the “right leader for the company given his extensive expertise in building, growing and investing in technology and e-commerce companies, which he developed in part by founding GunBroker.com and leading that business for 22 years,” said the company.
As part of the leadership transition, Urvan will also be assuming the chairman’s role on the Board.
Fred Wagenhals, the company’s founder and former executive chairman, commented, “As I have stepped into retirement, I have continued to stay focused on the performance of Outdoors Online from my position as a large shareholder. Steve’s upcoming appointment, along with the recent rebrand, reflects a continued dedication to accelerating and supporting the company’s strategic focus on growing its profitable e-commerce segment. I look forward to offering whatever support I can from the shareholder perspective as Steve leverages his significant experience to refocus on capital allocation and ideas that will generate shareholder value for all.”
Update on Litigation
In connection with today’s announcement, the company has settled its ongoing litigation with Urvan (“Settlement”). As a function of the Settlement, outgoing CEO Jared Smith will immediately resign from the Board, effective as of 5:00 p.m. EST on May 30, 2025. The Board will then comprise six members, consisting of the five remaining independent members and Urvan.
Along with his appointment as CEO, Urvan will receive financial remuneration as a product of the Settlement. For additional information about the terms of the Settlement, see the Company’s Current Report on Form 8-K filed with the SEC on May 28, 2025.
Additionally, to ensure that Urvan’s focus is on delivering shareholder value and to effectively align his compensation with performance, he will take a salary of $1 in his first year, with bonus or equity grants to be determined by the Compensation Committee of the Board as it deems appropriate.
Period Reporting Compliance
Upon filing the company’s Forms 10-Q for the periods ended September 30 and December 31, 2024, on May 20, 2025, the company met the requirement for The Nasdaq Stock Market under Listing Rule 5250(c)(1). The company intends to file its annual report on Form 10-K for fiscal year 2025 in a timely manner.
