Colombier Acquisition Corp. II ( CLBR ) shares popped in afternoon trading Tuesday after the company announced the completion of its business combination with GrabAGun.

What To Know: Special purpose acquisition company Colombier II is set to merge with GrabAGun in a deal that will result in $179 million in gross proceeds for the company.

The combined company will be listed on the New York Stock Exchange on Wednesday as GrabAGun Digital Holdings and trade under the ticker symbol “PEW.”

The proceeds from the deal will be used for working capital and other corporate purposes to accelerate the company’s future growth initiatives and acquisition plans.

Donald Trump Jr., who is now a member of the combined company’s board, will ring the opening bell at the New York Stock Exchange on Wednesday.

“GrabAGun has developed a powerful, scalable platform that offers unmatched selection and service to Americans who wish to legally buy and own firearms, and I am excited to support Marc Nemati and his team as we revolutionize this industry,” Trump Jr. said.

CLBR Price Action: Colombier Acquisition shares touched $18 in Tuesday’s regular session before pulling back. The stock closed Tuesday up 1.65% at $17.24, according to Benzinga Pro.

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