FaZe Clan has entered into a merger agreement with B. Riley Principal 150 Merger at an implied equity value of approximately $1 billion. If approved, FaZe Clan would become one of the few digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. exchange. FaZe would trade on the Nasdaq under FAZE.
Estimated gross transaction proceeds total $291 million, including $173 million in cash the SPAC’s cash in trust (assuming no redemptions), and $118 million from a committed PIPE.
Reaching over 350 million followers across social platforms globally, FaZe Clan delivers a variety of entertainment spanning video blogs, lifestyle and branded content, gaming highlights and live streams of gaming tournaments, the company said in a statement. Read more.
