PSQ Holdings retreats on direct stock offering after Tuesday's skyrocket
04/12/2024 14:22
** Shares of digital platform PSQ Holdings PSQH.N down 32.1%
to $5.18 premarket as it raises equity after seeing its stock
skyrocket in previous session
** The owner of online marketplace PublicSquare's stock
closed up 270% at $7.63 on Tuesday after Bloomberg reported
Donald Trump Jr. to join co's board
** West Palm Beach, Florida-based firm early Weds said it sold
~7.8 mln shares in registered direct offering at $4.63 for gross
proceeds of ~$36.2 mln
** Co plans to use net proceeds for general corp purposes
** It has ~34.76 mln shares outstanding for $265 mln market
cap as of Tuesday, and ~19.7 mln shares of public float, per
LSEG
** PSQH went public in Jul 2023 after SPAC merger
** President-elect Donald Trump's eldest son, Donald Jr., joined
venture capital firm 1789 Capital as a partner last month
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))