FIRST BREACH, INC. is a vertically integrated ammunition maker pursuing a direct listing on Nasdaq. Fiscal 2025 net revenue: just $384k, but the last private sale implies a ~$135M valuation.

No new capital raised here. Existing holders are registering up to 45–70M shares for resale. No underwriters, just RBW Capital Partners advising. Balance sheet backdrop: ~$15.6M in senior secured convertible notes were recently issued. After a 35% original issue discount, the company pulled in about $10.15M cash. Conversion price sits at $8.00/share. Recent angle: a September JV with Indian drone maker IdeaForge Technology. Strategic, but unproven at this stage. Bottom line: a micro-cap, minimal-revenue defense name going public via direct listing with dilutive converts already in the stack. That’s a high-risk setup, not a typical IPO.

No new capital raised here. Existing holders are registering up to 45–70M shares for resale. No underwriters, just RBW Capital Partners advising.