PEW Stock Tumbles In NYSE Debut Even With Trump Jr. As Board Member

GrabAGun Digital Holdings (PEW) plummeted more than 19% on Wednesday after listing on the New York Stock Exchange following its business combination with Colombier Acquisition Corp. II (CLBR), despite having Donald Trump Jr. on its board.

PEW’s stock had trimmed some of its earlier losses after the opening bell, still trading 10% lower mid-morning. The stock opened at a value of $21.40, dipped to as low as $13.15, but rebounded to around $15.10.

The deal, approved by Colombier II, brought in over $179 million in gross proceeds. After deducting secondary proceeds and related expenses, GrabAGun Digital ended up with more than $119 million. 

The company stated that the funds will be utilized for working capital, corporate initiatives, and potential acquisitions. 

As part of the transaction, Donald Trump Jr., President Trump’s son, joined GrabAGun Digital’s board of directors and helped ring the opening bell at the New York Stock Exchange. 

A strong advocate for Second Amendment rights, Trump Jr. called GrabAGun “synonymous with pro-American values,” and praised its scalable platform and focus on the legal firearms market.

As of September 30, 2024, the company reported $99.5 million in revenue over the past 12 months, representing a 9.2% increase from the same period the previous year. Net income totaled $5 million. However, the company’s debt-to-asset ratio stands at about 91%, indicating a highly leveraged balance sheet.

The company’s competitive edge lies in its proprietary software, which helps manage inventory, streamline order processing, and optimize pricing across a massive online catalog.

Read also: Tesla Reportedly Files Plans For New Six-Seater Model Y L in China, Signals Fall Launch

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on