Safety Shot (SHOT) and Yerbae Brands said Wednesday they have agreed to merge Safety Shot's wellness solutions with Yerbae's plant-based energy drinks, in a deal with an enterprise valued estimated at $19.7 million.
Safety Shot intends to acquire all outstanding Yerbae shares in exchange for 20 million of its own shares, they added.
Both companies' boards have approved the transaction, which is expected to close in Q2, pending shareholder approval and other customary closing procedures, according to the companies.
Yerbae Chief Executive Todd Gibson is expected to join the Safety Shot board of directors upon closing, the companies said.
Shares of Safety Shot were down 0.2% in recent Wednesday trading.
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