GrabAGun: Shares of gun seller backed by Donald Trump Jr. tank after NYSE trading debut
Shares of the online firearms retailer GrabAGun — whose shareholders and board members include Donald Trump Jr. — tanked on their first day of trading on the New York Stock Exchange following a merger with a special purpose acquisition company.
GrabAGun’s stock price fell by more than 20 per cent in trading in the hours after Trump Jr. rang the opening bell of the NYSE to cheers of “USA!” from the trading floor.
Trump Jr., the eldest son of President Donald Trump, was projected to own 300,000 shares in GrabAGun, or about 1% of the company’s stock, according to a prospectus issued in June.
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By continuing you agree to our Terms and Privacy Policy.“To be able to come back to the New York Stock Exchange 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,” Trump Jr. said on Fox Business before GrabAGun’s trading debut.
“It’s an ultimate triumphant return,” he said.
He was joined at the bell ringing by Omeed Malik, CEO of Colombier Acquisition Corp. II, the SPAC whose merger with GrabAGun was approved by shareholders Tuesday.
Malik is also president of the investment capital firm 1789 Capital and a Republican Party megadonor.
Trump Jr. is a partner in 1789 Capital, as well as an advisor to GrabAGun.
The newly merged company’s common stock trades under the ticker PEW.
GrabAGun raised $179 million in gross proceeds from the merger, according to a statement.
GrabAGun is the latest example of the president’s family and allies backing companies related to conservative political causes.
The merger is also the latest example of the Trump family leaning into SPACs, which appear to be in the midst of a resurgence.
The stock of Trump Media, the company that owns the social media site Truth Social, went public last year via a SPAC deal that capitalized on Trump’s political profile. Trump Media trades on the Nasdaq under the ticker DJT, the president’s initials.
Trump Jr. is the sole trustee of the trust where Trump placed his more than 114 million DJT shares before taking office in January.
The Trump Organization, which Trump Jr. leads with his brother, Eric Trump, recently launched a mobile phone plan and announced a $499 smartphone purportedly set to launch later this year.
