Trump Jr.-backed GrabAGun recovers slightly after sharp NYSE debut drop
July 17 (Reuters) - Donald Trump Jr.-backed GrabAGun's PEW.N shares inched up 2% in premarket trading on Thursday, recovering slightly after tumbling 24% in their New York Stock Exchange debut following a blank-check merger.
According to the gun retailer's prospectus filed with the U.S. securities regulator, Trump Jr., the oldest son of President Donald Trump, owns about 300,000 shares in the company, currently worth roughly $4 million.
Trump Jr. also sits on the board of the online retailer of firearms, ammunition and gun accessories.
The Trump family's business interests span real estate, hospitality, media, and increasingly, politically aligned ventures tied to gun rights and conservative consumerism.
From Donald Trump's sprawling portfolio of golf courses and hotels to Trump Media & Technology Group's DJT.O volatile public debut - and now Trump Jr.'s stake in GrabAGun - the family's brand has been used to tap into a loyal base of supporters and investors.
These ventures, often closely tied to the president's political identity, have drawn scrutiny from regulators and investors.
"What we're doing with GrabAGun would have been unthinkable four years ago at the height of wokeness in corporate America," Trump Jr. said in a post on X.
Founded in 2010, the company offers an assortment of sporting firearms, ammunition and accessories. It has said it expects to benefit from a shift to online shopping by younger firearm enthusiasts.
SPACs allow their shareholders to redeem their shares and get their money back if they do not like the proposed merger target. Colombier said it had seen "near-zero" such redemptions, signaling "clear confidence" in the GrabAGun business.
The merger positions GrabAGun among a growing group of right-leaning companies such as Trump Media, Rumble RUM.O and Chain Bridge Bancorp CBNA.N that have gone public in recent years.
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