B. Riley Principal 150 Merger in a regulatory filing included an investor presentation highlighting its proposed acquisition of FaZe Clan, a gaming lifestyle and esports company. Rapper Snoop Dogg sits on the FaZe board.
A shareholder vote on the deal is scheduled for Friday. If approved, the transaction is expected to close shortly after the vote, when FaZe Holdings would be listed on the Nasdaq under the ticker symbol FAZE.
News reports in May 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 at the time.
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.
