(Reuters) - Black Rifle Coffee Company (BRCC), a coffee seller that focuses on military veterans, said on Tuesday it will go public through a merger with a blank-check acquisition firm in a deal that values the combined company at about $1.7 billion. The deal with SilverBox Engaged Merger Corp I will be financed by up to $345 million of cash held in the trust account of the SPAC and commitments of about $300 million from other investors. Shares of the SPAC jumped nearly 58% in early trade to a record high of $15.5 on the news. The total capital available to Black Rifle at the close of the deal will be up to $545 million, the companies said. Utah-based Black Rifle, founded in 2014, sells apparel and merchandise, apart from its flagship firearm-themed coffee roast blends. As part of the deal, BRCC plans to reorganize as a public benefit corporation, meaning that while the company will remain a for-profit enterprise, it will continue to support social good. BRCC and SBEA together are expected to donate more than 530,000 shares, valued at about $5.3 million, to the company’s charitable foundation. BRCC said its consumer business, which includes both subscription and non-subscription sales, saw a 92% jump in 2020 to $126 million. It also generates sales through wholesale retail from grocery chains such as 7-Eleven, Sam’s Club, and Walmart, as well as company-operated and franchised retail coffee shops. The deal is expected to close during the first quarter of 2022, after which the combined company will be named Black Rifle Coffee Inc. Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli