GrabAGun Digital (PEW) Stock Is Trending Wednesday: What's Going On?

GrabAGun Digital Hldgs (NYSE:PEW) stock is trending Wednesday morning as the company begins trading on the New York Stock Exchange following a business combination with Colombier Acquisition Corp. II.

What To Know: GrabAGun Digital has completed its business combination with special purpose acquisition company Colombier II, generating $179 million in gross proceeds for the combined company, or more than $119 million after deducting secondary proceeds and transaction and advisory expenses.

GrabAGun said it intends to use the proceeds from the deal for working capital and other corporate purposes to accelerate the company's future growth initiatives and acquisition plans.

GrabAGun has been listed on the New York Stock Exchange Wednesday morning under the ticker symbol "PEW." Donald Trump Jr., who joined the company’s board, is set to ring the opening bell at the NYSE on Wednesday.

“Today is an exciting moment and major milestone for our company, as well as the 2A and broader shooting sports industry at large,” said Marc Nemati, CEO of GrabAGun Digital.

“This achievement supports our mission to revolutionize the shooting sports industry through our technology-first approach, and I look forward to taking advantage of the many opportunities in front of GrabAGun to enhance our platform and expand our market presence.”

The business transactions was approved by Colombier II shareholders at an extraordinary general meeting on Tuesday.

PEW Price Action: GrabAGun shares were up 14.1% at $19.68 at the time of publication Wednesday morning, according to Benzinga Pro.

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