Filed by Colombier Acquisition Corp.
pursuant to Rule 425 under the U.S. Securities
Act of 1933, as amended,
under the Securities Exchange Act of 1934, as
amended
Subject Company: Colombier Acquisition Corp.
Commission File No.: 001-40457
Date: July 17, 2023
On July 17, 2023, Michael Seifert, the CEO of PSQ Holdings, Inc. which
is party to a previously disclosed Business Combination Agreement, dated as of February 27, 2023, with Colombier Acquisition Corp., among
other parties, through his social media accounts, shared the following posts.
Twitter
Michael Seifert retweeted @officialpsq:
“This week is the week!
We’re excited to be going public partnership with $CLBR so that
we can be a company by the people, for the people, and owned by ‘We the People”.
Onward and upward”
Instagram:
Michael Sefiert posted @davidharrisjr to his story:
Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed Transaction”),
Colombier has filed a registration statement on Form S-4 (the “Registration Statement”) with, and now declared effective by,
the Securities and Exchange Commission (“SEC”), which includes a preliminary proxy statement and a prospectus in connection
with the Proposed Transaction. STOCKHOLDERS OF COLOMBIER ARE ADVISED TO READ, THE PRELIMINARY PROXY STATEMENT, ANY AMENDMENTS THERETO,
THE DEFINITIVE PROXY STATEMENT, THE PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION
WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION. HOWEVER, THIS DOCUMENT WILL NOT CONTAIN
ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE PROPOSED TRANSACTION. IT IS ALSO NOT INTENDED TO FORM THE BASIS OF ANY INVESTMENT
DECISION OR ANY OTHER DECISION IN RESPECT OF THE PROPOSED TRANSACTION. Now that the Registration Statement has been declared effective,
Colombier has mailed the definitive proxy statement/prospectus and a proxy card to each stockholder of Colombier as of the record date
for the special meeting of Colombier stockholders for voting on the Proposed Transaction. Stockholders and other interested persons are
also able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, the Registration
Statement and other documents filed by Colombier with the SEC that are incorporated by reference therein, without charge, once available,
at the SEC’s website at www.sec.gov. Stockholders are urged to read these materials (including any amendments or supplements thereto)
and any other relevant documents in connection with the Proposed Transaction that Colombier has filed or will file with the SEC, when
they become available, because they do or will contain important information about Colombier, PublicSq., and the Proposed Transaction.
Colombier’s stockholders will also be able to obtain a copy of
such documents, without charge, by directing a request to: Colombier Acquisition Corp., 214 Brazilian Avenue, Suite 200-J, Palm Beach,
FL 33480; e-mail: ir@colombierspac.com. These documents, once available, can also be obtained, without charge, at the SEC’s website
www.sec.gov.
Participants in Solicitation
Colombier, PublicSq. and their respective directors and executive officers
may be deemed participants in the solicitation of proxies of Colombier’s stockholders in connection with the Proposed Transaction.
Colombier’s stockholders and other interested persons may obtain more detailed information regarding the names, affiliations, and
interests of certain of Colombier executive officers and directors in the solicitation by reading Colombier’s final prospectus filed
with the SEC on June 9, 2021 in connection with Colombier’s initial public offering, Colombier’s Annual Report on Form 10-K
for the year ended December 31, 2022, as filed with the SEC on March 24, 2023 and Colombier’s other filings with the SEC. A list
of the names of such directors and executive officers and information regarding their interests in the Proposed Transaction, which may,
in some cases, be different from those of stockholders generally, are set forth in the Registration Statement. These documents can be
obtained free of charge from the source indicated above.
No Offer or Solicitation
Neither the dissemination of this press release nor any part of its
contents is to be taken as any form of commitment on the part of Colombier or PublicSq. or any of their respective affiliates to enter
any contract or otherwise create any legally binding obligation or commitment. This press release shall not constitute or form part of
any offer or invitation to sell, or any solicitation of a proxy, consent or authorization with respect to any securities or in respect
of the Proposed Transaction. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities,
nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such state or jurisdiction. This press release is not, and under no circumstances
is to be construed as, a prospectus, a public offering, or an offering memorandum as defined under applicable securities laws and shall
not form the basis of any contract. No offering of securities shall be made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended or an exemption therefrom.
Forward-Looking Statements
This communication may contain forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and for purposes of the
“safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than
statements of historical fact contained herein are forward-looking statements. Such forward-looking statements include, but are not limited
to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding PublicSq. and the Proposed Transaction
and the future held by the respective management teams of Colombier or PublicSq., the anticipated benefits and the anticipated timing
of the Proposed Transaction, future financial condition and performance of PublicSq. and expected financial impacts of the Proposed Transaction
(including future revenue, pro forma enterprise value and cash balance), the satisfaction of closing conditions to the Proposed Transaction,
financing transactions, if any, related to the Proposed Transaction, the level of redemptions of Colombier’s public stockholders
and the products and markets and expected future performance and market opportunities of PublicSq. These forward-looking statements generally
are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,”
“future,” “intend,” “may,” “might,” “strategy,” “opportunity,”
“plan,” “project,” “possible,” “potential,” “project,” “predict,”
“scales,” “representative of,” “valuation,” “should,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements
about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many
factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, without
limitation: (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the
price of Colombier’s securities, (ii) the risk that the Proposed Transaction may not be completed by Colombier’s business
combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Colombier, (iii)
the failure to obtain the approval of the Proposed Transactions from the stockholders of Colombier and PSQ, respectively, (iv) the failure
to obtain regulatory approvals, as applicable, required to consummate the Proposed Transaction, (v) the occurrence of any event, change
or other circumstance that could give rise to the termination of the Merger Agreement, (vi) the effect of the announcement or pendency
of the Proposed Transaction on PublicSq.’s business relationships, operating results, and business generally, (vii) risks that the
Proposed Transaction disrupts current plans and operations of PublicSq., (viii) the outcome of any legal proceedings that may be instituted
against PublicSq. or against Colombier related to the Merger Agreement or the Proposed Transaction, (ix) the ability to satisfy and maintain
the listing of Colombier’s securities on the New York Stock Exchange or another national securities exchange, (x) changes in the
competitive industries and markets in which PublicSq. operates; variations in performance across competitors, changes in laws and regulations
affecting PublicSq.’s business and changes in the combined capital structure, (xi) the ability to implement business plans, growth,
marketplace and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities,
(xii) the potential inability of PublicSq. to achieve its business and consumer growth and technical development plans, (xiii) the ability
of PublicSq. to enforce its current or future intellectual property, including patents and trademarks, along with potential claims of
infringement by PublicSq. of the intellectual property rights of others, (xiv) risk of loss of key influencers, media outlets and promoters
of PublicSq.’s business or a loss of reputation of PublicSq. or reduced interest in the mission and values of PublicSq. and the
segment of the consumer marketplace it intends to serve and (xv) the risk of economic downturn, increased competition, a changing regulatory
landscape and related impacts that could occur in the highly competitive consumer marketplace, both online and through “bricks and
mortar” operations. The foregoing list of factors is not exhaustive. Recipients should carefully consider such factors and the other
risks and uncertainties described and to be described in the “Risk Factors” section of Colombier’s IPO prospectus filed
with the SEC on June 9, 2021, Colombier’s Annual Report on Form 10-K filed for the year ended December 31, 2022, as filed with the
SEC on March 24, 2023, and subsequent periodic reports filed by Colombier with the SEC, the Registration Statement and other documents
filed or to be filed by Colombier from time to time with the SEC. These filings identify and address other important risks and uncertainties
that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Recipients are cautioned not to put undue reliance on forward-looking statements,
and neither PublicSq. nor Colombier assume any obligation to, nor intend to, update or revise these forward-looking statements, whether
as a result of new information, future events, or otherwise, except as required by law. Neither PublicSq. nor Colombier gives any assurance
that either PublicSq. or Colombier, or the combined company, will achieve its expectations.
Information Sources; No Representations
This press release has been prepared for use by Colombier and PublicSq.
in connection with the Proposed Transaction. The information therein does not purport to be all-inclusive. The information therein is
derived from various internal and external sources, with all information relating to the business, past performance, results of operations
and financial condition of Colombier derived entirely from Colombier and all information relating to the business, past performance, results
of operations and financial condition of PublicSq. derived entirely from PublicSq. No representation is made as to the reasonableness
of the assumptions made with respect to the information therein, or to the accuracy or completeness of any projections or modeling or
any other information contained therein. Any data on past performance or modeling contained therein is not an indication as to future
performance.
No representations or warranties, express or implied, are given in
respect of the communication. To the fullest extent permitted by law, under no circumstances will Colombier or PublicSq., or any of their
respective subsidiaries, affiliates, shareholders, representatives, partners, directors, officers, employees, advisors or agents, be responsible
or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the this communication (including without
limitation any projections or models), any omissions, reliance on information contained within it, or on opinions communicated in relation
thereto or otherwise arising in connection therewith, which information relating in any way to the operations of PublicSq. has been derived,
directly or indirectly, exclusively from PublicSq. and has not been independently verified by Colombier. Neither the independent auditors
of Colombier nor the independent auditors of PublicSq. audited, reviewed, compiled or performed any procedures with respect to any projections
or models for the purpose of their inclusion in the communication and, accordingly, neither of them expressed any opinion or provided
any other form of assurances with respect thereto for the purposes of the communication.
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