Safety Shot reshapes board to align with crypto treasury vision

[Abstract Bitcoin Cryptocurrency coin sign. business graph on digital background.]
Olemedia

Shares of Safety Shot (NASDAQ:SHOT [https://seekingalpha.com/symbol/SHOT]), the wellness company that offers everything from beverages that lower blood alcohol content to eczema creams, announced a board “realignment” which will give the company’s new BONK Holdings subsidiary a majority.

BONK Holdings was established earlier this month to manage Safety Shot’s (NASDAQ:SHOT [https://seekingalpha.com/symbol/SHOT]) digital asset strategy focused on building a BONK token treasury, to participate in Solana DeFi activities, and explore new revenue streams for the parent company.

The company will add three new members that are aligned with Safety Shot’s (NASDAQ:SHOT [https://seekingalpha.com/symbol/SHOT]) effort to explore opportunities in DeFi, venture capital, and the digital asset space.

The new appointments include Jamie McAvity, the co-founder and CEO of Cormint, a bitcoin mining company, Stacey Duffy, a director-level financial due diligence professional, and Connor Klein, who has previous experience in crypto at Andreessen Horowitz.

At the same time, board members Jordan Schur and Rich Pascucci will step down.

As a result, the three new members will result in a BONK majority of four board members.

The announcement and the company’s commitment to moving in a new direction sent shares as much as 6% higher in Wednesday’s premarket trading, setting the stock up to snap a five-day losing streak.

Safety Shot (SHOT [https://seekingalpha.com/symbol/SHOT]) shares are down more than 77% year-over-year versus a 17% gain for the S&P 500.

MORE ON SAFETY SHOT

* Safety Shot: Between Hangover Cure And Crypto Fever [https://seekingalpha.com/article/4813924-shot-between-hangover-cure-and-crypto-fever]
* Safety Shot raises $30M in strategic financing [https://seekingalpha.com/news/4488736-safety-shot-raises-30m-in-strategic-financing]
* Safety Shot slides after selecting memecoin BONK as its core treasury asset [https://seekingalpha.com/news/4483277-safety-shot-slides-after-selecting-memecoin-bonk-as-its-core-treasury-asset]
* Financial information for Safety Shot [https://seekingalpha.com/symbol/SHOT/income-statement]