BOCA RATON, Fla. - The Pulte Family Office has recently taken a position in the firearm and ammunition retailer GrabAGun, which is traded under Colombier Acquisition Corp II on the New York Stock Exchange with the ticker symbol CLBR. The company currently maintains a market capitalization of $174 million, with InvestingPro data showing significant trading volatility in recent months.
Chairman William J. Pulte expressed confidence in the merger and the direction of GrabAGun, emphasizing the importance of the 2nd amendment and the company's commitment to those values. While Pulte highlighted the company's revenue figure of $99.5 million, InvestingPro analysis indicates the company faces current profitability challenges, with analysts anticipating continued growth but no profits this year.
GrabAGun operates as a digitally native retailer, catering to a new generation of firearms enthusiasts, sportsmen, and defenders. The company offers a range of products including firearms, ammunition, accessories, and other outdoor enthusiast products.
The investment by the Pulte Family Office into GrabAGun signifies a strategic move within the firearms retail sector. This move comes as the company has demonstrated financial growth and aligns with the Pulte Family Office's support for the 2nd amendment.
This news is based on a press release statement from The Pulte Family Office.
In other recent news, PSQ Holdings, also known as PublicSquare, disclosed a new stock offering of 7,813,931 shares at a price of $4.63 per share. The transaction is expected to generate around $36.2 million, with Roth Capital Partners (WA:CPAP) serving as the sole placement agent. The proceeds, before the deduction of placement agent fees and related expenses, are intended for general corporate use, including boosting working capital.
Simultaneously, PSQ Holdings has announced significant cost-cutting measures, including a workforce reduction of over 35% and voluntary executive salary reductions. The company expects to incur a one-time severance charge of approximately $355,772.90, along with an estimated $37,367.37 for COBRA health insurance continuation coverage. Top executives, including CEO Michael Seifert and CFO Brad Searle, have agreed to voluntary pay cuts.
Moreover, the company secured a $5.35 million investment to fund its payment platform's growth and a $10 million investment through a convertible note private placement. Despite softer second-quarter results leading to a price target reduction from $7.50 to $5.00 by Roth/MKM, the company reported a 39% quarter-over-quarter increase in its brands business following the acquisition of Credova. Lastly, PSQ Holdings is migrating its Marketplace segment to the Rumble Cloud platform, expected to strengthen its commerce and payments operations.
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