First Breach, an ammunition manufacturer for commercial, law enforcement, and military markets, completed its direct listing on the Nasdaq on Thursday, 8/20.
From March 2023 through March 2026, First Breach issued shares of common stock at a range of $1 to $8 per share. The company opened for trading at $12 per share, sank to an intraday low of $2.81, and finished its first day at $4.15.
First Breach is a vertically integrated ammunition and ammunition components manufacturer serving commercial, law enforcement, and military markets. The company operates a single facility that encompasses the full production process, from lead smelting and brass cup and casing manufacturing through final product assembly. Raw materials are sourced from multiple international suppliers. Products are distributed primarily through wholesale distributor channels, with a smaller portion sold directly to consumers and small businesses. In September, the company formed a JV with Indian drone maker IdeaForge Technology.
The Hagerstown, MD-based company will trade on the Nasdaq under the symbol FBDT. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, RBW Capital Partners served as financial advisor.
