05:29 PM EDT, 05/28/2025 (MT Newswires) -- Outdoor Holding Company ( POWW ) late Wednesday said Steve Urvan will become the new Chief Executive Officer and Board Chairman at the online hunting equipment seller, succeeding Jared Smith and Fred Wagenhals, respectively, in the posts following the close of business on Friday.

Urvan is the founder of GunBroker.com and the largest individual shareholder of Outdoor Holding ( POWW ).

His selection as CEO and board chairman is contingent on the Nasdaq Stock Market accepting a settlement between the company and Urvan resolving a shareholder suit he filed last month, requiring the current Outdoor Holding ( POWW ) CEO Smith to step down along with the company's current board membership.

As part of the settlement agreement, Urvan will receive five-year warrants to buy up to 7 million Outdoor Holding ( POWW ) shares exercisable at $1.81 apiece. The company will also issue a $12 million promissory note to Urvan, paying 6.5% yearly interest and requiring annual payments of at least $1 million.

The note will mature in 12 years, according to the company.