GrabAGun Shares Drop 19% on NYSE Debut Despite Donald Trump Jr.'s Endorsement

New York – GrabAGun Digital Holdings Inc. (NYSE: PEW), an online firearms retailer, saw its shares plummet by nearly 19% on its New York Stock Exchange debut on July 16, 2025. The company's public listing, facilitated through a SPAC merger with Colombier Acquisition Corp. II, was marked by Donald Trump Jr. ringing the opening bell, who also serves on the company's board and holds a 1% stake.

Donald Trump Jr. celebrated the public offering, framing it as a victory against prevailing corporate ideologies. "What we're doing with @grabagun would have been unthinkable 4 years ago at the height of wokeness in corporate America," Trump Jr. stated in a tweet on July 17, 2025, further adding, "To be able to come back to the New York Stock Exchange and actually take a gun company public feels like such a vindication of all the insanity, all the 'woke' nonsense that we've been watching and facing for the last decade in America."

The company raised $179 million in gross proceeds from the merger, with approximately $119 million in net proceeds after expenses. GrabAGun, which reported over $90 million in revenue in both 2023 and 2024, aims to use these funds for working capital, technology upgrades, and future growth initiatives. Despite the significant capital injection, the stock opened around $21 and closed at $17.33 on its first day of trading.

GrabAGun, a Texas-based e-commerce platform, specializes in firearms, ammunition, and outdoor sporting gear, partnering with major brands like Glock and Smith & Wesson. Its business model emphasizes a tech-first approach to revolutionize the shooting sports industry, leveraging proprietary software for inventory management and pricing optimization. The company's high debt-to-asset ratio of 91% has been noted by market observers as a potential concern for its financial flexibility.

Industry analysts suggest that while Donald Trump Jr.'s involvement brought considerable political visibility and conservative investor interest, it was insufficient to prevent the initial stock decline. The drop is attributed to common post-SPAC volatility, profit-taking, and investor concerns regarding the company's high leverage. The listing under the ticker "PEW" is a nod to the sound of a gun, according to Trump Jr.