09:57 AM EDT, 09/26/2024 (MT Newswires) -- Safety Shot ( SHOT ) said Thursday that it has signed a separation and exchange agreement with its Caring Brands unit under which Caring Brands will operate as a separate company.

Safety Shot ( SHOT ) said it will transfer its wellness consumer products segment and related assets, intellectual property, and liabilities to Caring Brands.

Caring Brands plans to go public through an initial public offering in the next three months, Safety Shot ( SHOT ) said.

Under the deal to divest the unit, Safety Shot ( SHOT ) will get three million shares of Caring Brands, with Safety Shot's ( SHOT ) board planning to issue a dividend of two million shares for Safety Shot ( SHOT ) shareholders.

Safety Shot ( SHOT ) shares were rising nearly 7% in recent trading.

Price: 1.18, Change: +0.08, Percent Change: +6.91