26 Oct Faze Clan Is Going Public In A $1 Billion SPAC Merger
Faze will be a purchasable share on NASDAQ in 2022.
Faze Clan will soon become a publicly listed company through its merger with B. Riley Principal 150 Merger Corp. The deal’s equity value will be $1 Billion. Estimated public funding is around USD $275 million in cash.
For you, the fans.
Our biggest announcement to date: FaZe Clan is going to become a publicly traded company. https://t.co/HaHJtFIglW pic.twitter.com/YNYLpvVIRo
— FaZe Clan (@FaZeClan) October 25, 2021
After completion of the merger, Faze Clan will become “FaZe Holdings Inc.”
The amalgamation aims to expand and diversify the company’s digital native youth lifestyle and media platform.
Lee Trink, Chief Executive Officer of FaZe Clan, has something similar to say;
“We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us with capital and access to the public markets, which will help us speed up the expansion of our multi-platform and monetization strategy. We are so grateful to the millions of loyal fans who have helped us take FaZe Clan to the next level, without whom this would not have been possible.”
Dan Shribman, Chief Investment Officer of B. Riley Financial, and CEO and CFO of BRPM expalined that investing in Faze Clan is a great opportunity. According to Shribman, Faze has a tremendous social presence along with Gen Z engagement. The American professional esports and entertainment organization will give BPRM significant value by expanding its reach in gaming, entertainment, consumer products and more.
Faze Clan will become an even bigger player in the world of gaming and esports. The public funding will certainly raise potential opportunities to acquire other concerns, which will only accelerate Faze’s development. The organization will expand into more territories and explore more divisions of products and services by acquiring or joining hands with them.
Feature Image: Faze Clan
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