B. Riley Principal 150 Merger in an 8-K filing disclosed that its merger partner, FaZe Clan, waived the $218 million minimum cash condition for closing the deal, which has an implied equity value of approximately $1 billion. The deal is supported by a $118 million PIPE.
B. Riley also agreed to issue FaZe a bridge loan of $10 million at 7% interest, repayable on the merger closing date.
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.
Pending approval by the SPAC’s shareholders, FaZe would trade on the Nasdaq under FAZE. Read more.
