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Colombier Acquisition Corp. II Class A (CLBR+0.65%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company is a blank check company incorporated in the Cayman Islands on September 27, 2023, and is focused on effecting a business combination with one or more businesses or entities.
On November 24, 2023, Colombier completed its initial public offering, raising $170 million by selling 17 million units, each consisting of one Class A ordinary share and one-third of a redeemable warrant.
Simultaneously, the company completed a private placement of 5 million warrants to its sponsor, generating an additional $5 million.
The proceeds from the offering were placed in a trust account, with a balance of $177.6 million as of December 31, 2024, including interest income.
Colombier has until February 24, 2026, to complete a business combination, or it will cease operations and redeem its public shares.
The company has entered into a business combination agreement with Metroplex Trading Company, LLC, doing business as GrabAGun, and related entities, which is expected to result in a publicly traded company.
The combination agreement outlines a merger structure where Colombier and GrabAGun will become wholly-owned subsidiaries of a new entity, GrabAGun Digital Holdings Inc.
The aggregate consideration for the transaction is $150 million, consisting of newly issued shares and cash.
Colombier reported a net income of $5.8 million for the year ended December 31, 2024, primarily due to interest earned on the trust account.
The company has incurred significant expenses related to its public company status and the pursuit of a business combination.
Colombier's management has broad discretion in applying the net proceeds of the offering towards a business combination, but there is no assurance of successful completion.
The company is subject to various risks, including the inability to complete a business combination within the specified time frame and potential competition from other entities seeking similar transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Colombier Acquisition Corp. II Class A annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.