B. Riley Principal 150 Merger announed its registration statement on a proposed merger with FaZe Clan was declared effective by the SEC. FaZe Clan is a gaming lifestyle and esports company. Rapper Snoop Dogg sits on the FaZe board.
B. Riley also set a shareholder vote on the deal for July 15. If approved, the transaction is expected to close shortly after the shareholder meeting, when FaZe Holdings would be listed on the Nasdaq under the ticker symbol FAZE.
News reports last month suggested the merger might be in jeopardy after FaZe missed its financial forecast. Not only did that drop the post-merger market capitalization of FaZe Clan substantially below the billion-dollar mark, but it also reduced the expected transaction proceeds from the merger by at least $73 million, The Sports Business Journal reported.
FaZe in March waived the $218 million minimum cash condition for closing the deal, which previously had an implied equity value of approximately $1 billion. The deal is supported by a $118 million PIPE. Read more.
