PSQ to go public through SPAC deal with Colombier Acquisition

PSQ Holdings and Colombier Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have entered into a definitive business combination agreement. After the anticipated closing in the third quarter of 2023, the combined company will retain the PSQ Holdings, Inc. name and expects to trade on the New York Stock Exchange under the symbol PSQH. Colombier shares will continue to trade on the NYSE under the CLBR symbol until the closing of the transaction. Michael Seifert, the Founder and CEO of PublicSq., said: "For too long, progressive corporations have prioritized highly politicized ideas over the interests and values of the American people. Because of this, we, as patriotic Americans, are hungering for a future where the power is back in the hands of ‘We the People’ and a parallel economy is created. With the PublicSq. platform, we are grateful to provide a solution that helps every day, freedom-loving Americans spend their hard-earned money with businesses that prioritize the values that have made this nation so special in the first place. We’re just getting started, and we’re proud to partner with the Colombier team." PublicSq. will merge with a wholly owned subsidiary of Colombier, with PublicSq. continuing as the surviving entity in the merger. The Boards of Directors of PublicSq. and Colombier have each unanimously approved the transaction. The transaction will require the approval of the stockholders of Colombier and PublicSq. The transaction is subject to other customary closing conditions and is expected to close in the third quarter of 2023. Transaction consideration to PublicSq. holders will consist of newly issued shares with a value of $200 million, not including shares issuable pursuant to an earnout. The transaction is expected to provide up to $158.5 million in cash to PublicSq. to fund growth and expansion into new revenue streams, assuming no redemptions. Upon the closing of the transaction, Michael Seifert will retain majority voting rights and continue to drive PublicSq.’s mission of becoming the nation’s leading values-aligned marketplace.