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Trump backer Omeed Malik's SPAC to merge with retailer GrabAGun in $150 million deal
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Trump backer Omeed Malik's SPAC to merge with retailer GrabAGun in $150 million deal
Jan 6, 2025 7:22 AM

Jan 6 (Reuters) -

U.S. President-elect Donald Trump's donor Omeed Malik's

blank-check firm will merge with GrabAGun, an online retailer of

firearms, ammunition and gun accessories, in a deal valued at

$150 million, the companies said on Monday.

Trump's son Donald Trump Jr., newly appointed adviser to

GrabAGun, will become a shareholder after the company's deal

with Colombier Acquisition Corp. II ( CLBR ) closes in the

summer.

The merger will make GrabAGun one of several

conservative-leaning companies that have entered the stock

market in recent years, at a time when political pressure has

prompted a reevaluation of socially conscious investing.

Truth Social-parent Trump Media & Technology ( DJT ), lender

Chain Bridge Bancorp ( CBNA ) and video-sharing platform Rumble

are among the conservative-focused companies which have

gone public in the last few years.

"Much like Truth Social, PublicSquare and Rumble have

led the charge to protect the First Amendment, GrabAGun will do

the same for the Second Amendment," Trump Jr. said in a

statement, referring to U.S. constitutional protections for free

speech and the right to bear arms.

Malik, a former Democrat who was also a managing director at

Bank of America Merrill Lynch for six years, is part of

a group of rich tech investors who have shifted right and

embraced Trump in recent years.

He helped secure former independent presidential

candidate Robert F. Kennedy Jr.'s endorsement for Trump after

Kennedy dropped out of the race in August.

GrabAGun's shares are expected to trade on the New York

Stock Exchange under the "PEW" symbol.

Founded in 2010, the company offers an assortment of

sporting firearms, ammunition and accessories. It expects to

benefit from a shift to online shopping by younger firearm

enthusiasts, it said.

A blank-check firm, also known as a special purpose

acquisition company, offers a way for private companies to list

without the delays associated with a traditional initial public

offering.

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