FaZe Clan has announced it has entered into a definitive merger agreement to combine with B. Riley Principal 150 Merger Corp., a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (NASDAQ: RILY). The proposed business combination transaction implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash.
Through the proposed business combination, FaZe is positioned to become one of the only digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. national exchange. Upon completion of the proposed Business Combination, BRPM will change its name to “FaZe Holdings Inc.” The combined company’s common stock is expected to be listed on NASDAQ under the new ticker symbol “FAZE.”
On the news, CEO Lee Trink shared, “We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market. In our short history, we have evolved from a disruptive content generator to one of the world’s most decorated and successful esports franchises, and now into one of the younger generations’ most recognized and followed brands globally.”
BRPM CEO Dan Shirbman adds, “The business combination with FaZe Clan represents a tremendous opportunity to invest in the future of media and entertainment. With unmatched social media reach and Gen Z engagement, and the opportunity to meaningfully expand its global multi-platform presence across content, gaming, entertainment, consumer products, and the metaverse, we believe FaZe Clan is a compelling investment with the potential to create significant value.”
Huge congrats are in order for FaZe as they have undoubtedly left one of the biggest marks in gaming history and with this new deal, the gaming powerhouse continues to rise to triumph.
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