FaZe Clan have officially become a publicly traded company after completing their SPAC merger with B. Riley Principal 150 Merger Corp.
FaZe Clan announced plans to go public in October 2021 at a $1 billion valuation through a merger with B. Riley Principal 150 Merger Corp. The deal was initially expected to be completed in the first quarter of 2022, but after that deadline was missed, there were doubts about whether the agreement would come to fruition.
The merger was approved by shareholders on July 15, possibly boosted by the fact that the minimum amount of money FaZe needed to have on hand to cement the deal was waived, according to a report by Esports Insider.
FaZe Clan goes public
In a tweet posted on July 20, FaZe Clan confirmed that they were now listed on the NASDAQ exchange.
“This is what pioneers look like,” FaZe Chief Executive Officer Lee Trink said. “This is what the future of entertainment and culture, and the intersection of technology and culture, look like.
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“We are going to continue to do things that people have never seen. You’ve never seen a group like this in front of this camera, and that is emblematic of the type of future we’re building.”
The new entity, called FaZe Holdings Inc., is now traded on the NASDAQ exchange under the ticker $FAZE. According to the initial announcement, existing shareholders in FaZe Clan will own 68% of the company. The SEC approved the merger on June 22.
Since the company began trading, FaZe shares have already dropped over 25%. At the time of writing, they are being traded at $9.44, down from the initial listing price of almost $13.
FaZe Clan will join the likes of Enthusiast Gaming, OverActive Media, and Astralis on the list of companies with esports components that have moved onto the public market.