GrabAGun, backed by Donald Trump Jr., sinks in trading debut

[Online Firearms Retailer GrabAGun Debuts On The New York Stock Exchange]
Spencer Platt/Getty Images News

Online firearms retailer GrabAGun (NYSE:PEW [https://seekingalpha.com/symbol/PEW]), whose board includes Donald Trump Jr., sank nearly 24% in its trading debut on Wednesday.

The firm went public on the New York Stock Exchange after merging with special purpose acquisition company Colombier II (NYSE:CLBR [https://seekingalpha.com/symbol/CLBR]). GrabAGun (NYSE:PEW [https://seekingalpha.com/symbol/PEW]) raised $179M in gross proceeds from the merger, or over $119M after deducting expenses.

The proceeds will be used to for working capital and other purposes to accelerate the company's future growth initiatives, acquisition plans and other general expenses.

Trump Jr. was projected to own 300,000 GrabAGun (NYSE:PEW [https://seekingalpha.com/symbol/PEW]) shares, or about 1% of the company's stock, according to a prospectus [https://seekingalpha.com/filing/10116296] filed last month.

"To be able to come back to the NYSE and actually take a gun company public feels like such a vindication of all the insanity, all of the 'woke' nonsense that we've been watching and facing for the last decade in America," he told _Fox Business_.

Trump Jr. also serves as an adviser to drone maker Unusual Machines and is a director on the board of online marketplace PublicSquare, which bills itself as "anti-woke."

MORE ON GRABAGUN

* Colombier Acquisition Corp. II: Questionable Investment, But An Intriguing Trade [https://seekingalpha.com/article/4757145-colombier-acquisition-corp-ii-questionable-investment-but-an-intriguing-trade]
* Colombier Acquisition Corp II near merger deal with firearms seller GrabAGun [https://seekingalpha.com/news/4392555-colombier-acquisition-corp-ii-near-merger-deal-with-firearms-seller-grabagun-report]
* Financial information for Colombier Acquisition Corp. II [https://seekingalpha.com/symbol/CLBR/income-statement]