‘Patriotic Play’? Malik Preps Follow-Up SPAC After Public Square App

‘Patriotic Play’? Malik Preps Follow-Up SPAC After Public Square App


In today’s increasingly polarized America, politics is seeping deeper into finance and business. Investors keen to support conservative alternatives to left-leaning platforms have a new special purpose acquisition company (SPAC) deal to consider.

On Friday, October 6, Colombier Acquisition Corp. II filed its S-1 form with the US Securities and Exchange Commission (SEC), disclosing terms for a SPAC initial public offering (IPO). Colombier II will float 13 million units at $10.00 each to raise $130.0 million. The firm plans to list on the New York Stock Exchange (NYSE) under the ticker “CLBR.U”. For now, no date has been set for the launch. 

The blank-cheque company, which is incorporated in the Cayman Islands, is spearheaded by Omeed Malik, a former Bank of America director and founder of Farvahar Partners and 1789 Capital. Colombier II plans to target startups in the entrepreneurship, innovation, and growth (“EIG”) economy valued between $150 million and $2 billion.  

Malik, who began his career as a speechwriter in Washington, DC, imbues his political values into his entrepreneurial work. In recent years, he has become a market maker for an emergent “patriotic parallel economy” catering to consumers turned off by progressive ideologies often promoted by big tech platforms and corporate brands. Earlier this year, he told Fox News, “‘red America’ represents the world’s third-largest economy in the world by GDP,” suggesting conservative spending power has vast untapped potential. 

Round 2

This is Malik’s follow-up act to the first Colombier Acquisition Corp. I, another SPAC that, in July this year, combined with PublicSq. Holdings, Inc. (“PSQH”). Public Square is a digital marketplace that promotes itself as a patriotic alternative to “anti-woke capitalism” and aspires to compete with Amazon. The company – which listed on the Fourth of July this year – claims it is designed for “freedom-loving Americans” to enjoy “values-aligned businesses.” 

The platform has witnessed strong growth over the past year. Its consumer members have 271%, from 385,000 members as of December 31, 2022, to over 1.43 million as of July 31, 2023. Its vendor volume has roughly doubled from 32,851 as of December 31, 2022, to around 65,000 businesses as of July 31, 2023. 

However, its stock market performance has been less stunning. Its share price popped in the first month of its listing, reaching a high of around $30 on July 20. In the months since, PSQH has declined steadily and is now swapping hands near the $6 mark.

Investors interested in this new SPAC deal will need to stay tuned to see who Colombier II’s acquisition target may be and keep track of Wall Street’s shifting appetite for IPOs as markets head into the final business quarter of the year.

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