Colombier Acquisition Corp. III is a SPAC — a blank check company with no operations or identified acquisition target. Its purpose is to raise capital through an IPO, hold proceeds in trust, and acquire a private company, taking it public through a merger. Colombier III raised $260M through an IPO of 26M units at $10.00 per unit, with proceeds held in U.S. Treasuries or money market funds until a deal closes or the SPAC liquidates within 24 months. The SPAC is led by Omeed Malik of 1789 Capital, and is the team's third vehicle; prior SPACs merged with PublicSquare and GrabAGun. Colombier III has not selected a target but focuses thematically on an "America-first" investment thesis, targeting sectors including software, AI, defense tech, energy, fintech, and digital infrastructure, with enterprise values between $250M and $25B. The sponsor's economics are driven almost entirely by the "promote" — founder shares acquired for ~$0.003/share that convert to Class A shares at deal close, creating an outsized return on a nominal investment if a deal closes. Public shareholders can redeem at ~$10.00/share before a deal closes, limiting downside, but face meaningful dilution if they stay, as founder shares represent roughly 25% of the post-IPO share count.