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Colombier Acquisition III has priced its $260 million initial public offering, marking the third SPAC launched by investor Omeed Malik and executives tied to 1789 Capital. The deal underscores continued appetite for thematically driven SPACs, even as the broader blank-check market remains selective heading into 2026.

Company Background

Colombier Acquisition III is led by Omeed Malik, who serves as CEO and Chairman. Malik is the founder and CEO of Farvahar Partners, a broker-dealer and investment bank, and the founder and president of venture firm 1789 Capital. He is joined by CFO Joe Voboril, a co-founder and managing partner of Farvahar Partners, as well as president Paul Abrahimzadeh, CIO Andrew Nasser, and COO Jordan Cohen.

The SPAC’s board and leadership roster features several high-profile figures, including Donald Trump Jr., Laura Ingraham, Blake Masters, and SPAC veteran Chamath Palihapitiya. The management team has prior SPAC experience through Colombier Acquisition, which merged with PSQ Holdings in 2023, and Colombier Acquisition II, which combined with online firearms retailer GrabAGun in 2024.

IPO Details

Colombier Acquisition III raised $260 million by offering 26 million units at $10 each. Each unit consists of one share of common stock and one-eighth of one warrant, exercisable at $11.50. The SPAC plans to list its units on the NYSE under the ticker symbol CLBR.U. Roth Capital served as the sole bookrunner for the offering.

Market Context & Opportunities

The deal arrives as the SPAC market continues to recover unevenly, with investor interest increasingly concentrated around sponsors with prior execution history and clearly defined investment theses. Colombier Acquisition III plans to target businesses aligned with what it describes as the “Entrepreneurship, Innovation, and Growth” economy, positioning itself to pursue companies tied to domestic manufacturing, technology, and consumer platforms with strong U.S. brand appeal.

Risks & Challenges

Despite its sizable raise and recognizable leadership, Colombier Acquisition III faces the same headwinds confronting most SPACs, including heightened regulatory scrutiny, a competitive deal-making environment, and pressure to identify a compelling acquisition within the standard time frame. Its thematic focus may also narrow the universe of potential targets, increasing execution risk if valuations remain elevated.

Outlook

Colombier Acquisition III’s successful $260 million IPO suggests that well-capitalized, high-profile sponsors can still attract investor support in a cautious SPAC landscape. Whether the vehicle ultimately delivers value will depend on management’s ability to source and execute a transaction that resonates beyond its core investor base, while navigating a more disciplined and selective public market environment.