Shares of PSQ Holdings (PSQH) rose an astounding 270% on news that Donald Trump Jr. is joining the company’s board of directors.
PSQ Holdings owns and operates online marketplace PublicSquare, an e-commerce and payments company that sells products that include beauty, personal care, and clothing apparel.
PSQ is a microcap stock with a market capitalization of less than $200 million U.S. Its shares trade for just over $7 U.S. per share.
The stock surged after the company announced that the eldest son of president-elect Donald Trump is joining its board of directors.
PSQ Holdings went public in summer 2023 via a special purpose acquisition company (SPAC). Since its IPO, PSQH stock has declined nearly 20%, even with the big jump in its share price on Dec. 3.
The company has little revenue and remains unprofitable.
For this year’s third quarter, PSQ Holding reported revenues of $6.5 million U.S. and an operating loss of more than $14 million U.S.
Despite the poor financial position, having Donald Trump Jr. on its board is viewed by investors as a positive development for the company.
Donald Trump Jr. has joined several company boards since his father won the U.S. presidential election on Nov. 5, including Unusual Machines (UMAC), a small U.S. drone maker.
Year-to-date, PSQ Holdings stock is now up 50% and trading at $7.63 U.S. a share.
