Shares of Safety Shot Inc.
SHOT,
tumbled 13.8% in premarket trading Friday, reversing an earlier rocket ride, as the name and ticker change of the hangover remedy and wellness company takes effect. The stock had been up as much as 136.8% early in premarket trading, before turning lower. The company’s stock ticker will change to “SHOT” from “JUPW” at the opening bell. The company formerly known as Jupiter Wellness Inc., which developed cannabidiol (CBD)-based medical therapeutics, acquired the operating assets of GBB Drink Lab Inc. in August, including the blood alcohol detox drink Safety Shot. When the deal closed on Aug. 11, Jupiter Wellness had said it expects most of its revenue in the coming quarters and years to be driven by Safety Shot, which the company said can lower blood alcohol content by up to 50% in 30 minutes. On Friday, the company said Safety Shot is currently going into production across the U.S. as it prepares for the product launch in the fourth quarter. The stock has run up 74.7% since Aug. 11 through Thursday, and has skyrocketed 461.2% over the past three months.
