🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

PSQ Holdings shares dip on stock offering following Trump Jr. board addition

Published 04/12/2024, 13:32
© Reuters.
PSQH
-

On Monday, PSQ Holdings, Inc. (NYSE: PSQH) experienced a significant decline in share price, dropping by 32% following the company's announcement of a new stock offering. This comes after the company's shares saw an extraordinary increase of 270% the previous day due to news that Donald Trump Jr. would be joining its board of directors.

Donald Trump Jr., the eldest son of President-elect Donald Trump, expressed his enthusiasm about his new role, emphasizing PublicSquare's unique market position and commitment to the principles of liberty. He highlighted the company's growing marketplace and payments ecosystem and pledged his dedication to the success of the company's mission.

Today, PSQ Holdings disclosed its entry into definitive agreements for the sale of 7,813,931 shares of Class A common stock at $4.63 per share. The transaction is slated to generate gross proceeds of approximately $36.2 million in a registered direct offering. The closing of the offering is anticipated to occur around December 5, 2024, contingent upon the fulfillment of standard closing conditions.

Roth Capital Partners (WA:CPAP) has been selected as the sole placement agent for the offering, tasked with facilitating the sale of the shares.

The capital raised from this offering, estimated at $36.2 million before the deduction of placement agent fees and other related expenses, is intended for general corporate use. PSQ Holdings plans to allocate the net proceeds toward general corporate necessities, which include bolstering its working capital.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.