BUZZ-PSQ Holdings retreats on direct stock offering after Tuesday's skyrocket

Reuters12-04

BUZZ-PSQ Holdings retreats on direct stock offering after Tuesday's skyrocket

** 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))

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