# PublicSquare **PublicSquare** (PSQ Holdings, NYSE: PSQH) launched in 2021 as the "patriotic" marketplace: a directory and app steering conservative shoppers toward "values-aligned" businesses. It was [[Omeed Malik]]'s first SPAC deal and an early [[Donald Trump Jr.]] investment. It has since dropped the marketplace almost entirely and become a small payments and lending company that markets itself as "cancel-proof," built on the [[Debanking]] narrative. ## Arc - **Founding.** Michael Seifert founded it in **February 2021** in West Palm Beach. It launched nationally in July 2022. When it announced its SPAC deal it claimed a market of more than 100 million "patriotic Americans." - **SPAC.** The merger with the first Colombier blank-check company was announced February 27, 2023 at **$200 million** in equity and closed **July 19, 2023**. About 83% of SPAC shareholders redeemed their shares, leaving about $34.9 million from the trust. See [[Colombier SPACs]]. - **Trump Jr.** An investor before the listing, he joined the board on **December 3, 2024**. The stock rose about 270% that day. - **Acquisitions.** EveryLife, a "pro-life" diaper brand, was bought in February 2023. Credova, a buy-now-pay-later lender that specialized in firearms purchases, was acquired in an all-stock deal in March 2024. - **Layoffs.** More than 35% of staff were cut in October 2024. - **The pivot (August 12, 2025).** The company said it would focus on fintech and crypto and sell EveryLife and the marketplace. Bitcoin advocate Caitlin Long joined the board. The marketplace now reports as a discontinued operation, with just $4,716 in revenue in Q2 2026. EveryLife is being sold to FreeHold Brands for **$5.5 million** (agreed July 28, 2026). - **Founder out.** Seifert resigned as CEO and left the board on **January 27, 2026**, and his super-voting shares were converted. Dusty Wunderlich, who ran Credova before the acquisition, replaced him. ## The debanking payoff The [[CFPB]] had been investigating Credova since February 2021. It closed the probe on **August 19, 2025**, citing Trump's August 7, 2025 executive order on "fair banking," which targets debanking. PublicSquare called the investigation "politically motivated." The case shows the debanking executive order working as intended: a regulatory action against a right-aligned lender was closed on the grounds that it was politically motivated. ## The numbers - In March 2024 the company said some quarterly financial statements could no longer be relied on because it had misclassified SPAC costs (MarketScreener). - Q2 2026 revenue from continuing operations was **$7.1 million** (up 108%), with a **$5.6 million** net loss, **$6.7 million** in cash and **$28.4 million** in convertible notes. - A 1-for-15 reverse split took effect July 13, 2026 to keep the NYSE listing. - According to the Colombier III prospectus, the stock peaked at **$29.80** and had fallen to **$2.06** by October 2025, before the reverse split. - In August 2026 Trump Jr. co-led a **$1.3 million** private placement at $3.60 a share. ## See Also - [[Colombier SPACs]] · [[Omeed Malik]] · [[Donald Trump Jr.]] - [[GrabAGun]] — the second Colombier deal - [[Debanking]] · [[CFPB]] · [[Patriot Mobile]]