What's Going On With Colombier Shares Today?

Shares of Colombier Acquisition Corp. II CLBR are trading lower Tuesday, pulling back after a strong rally on Monday driven by optimism surrounding its pending merger with firearms retailer GrabAGun.

What To Know: The decline comes as traders reassess the stock's sharp move higher following an amended S-4 filing and increased media attention.

The dip follows a Monday surge sparked by Colombier’s updated regulatory filing and revised investor presentation, which outlined progress in its SPAC transaction with GrabAGun Digital Holdings. The amended documentation reflected financial data through March 31 2025 and signaled continued movement toward the summer closing of the deal. The combined entity is expected to trade under the ticker symbols "PEW" and "PEWW" on the New York Stock Exchange.

Adding fuel to Monday's momentum was the upcoming appearance of SPAC sponsor Omeed Malik and Donald Trump Jr., who is backing the deal, on CNBC. Trump Jr. followed through with a live appearance on Squawk Box Tuesday morning, further raising visibility around the transaction.

Despite that exposure, today's pullback reflects typical volatility in SPAC-related trading, especially as traders rotate out after an initial headline-driven move. While investor interest in the firearms sector remains elevated, the market appears to be taking a breather as it awaits further clarity on shareholder approval, listing confirmation and deal closure timelines.

CLBR Price Action: Colombier shares were down 9.94% at $15.22 at the time of writing, according to Benzinga Pro.

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