- B. Riley Principal 150 Merger Corp is expected to merge with FaZe Clan creating a new combined company called FaZe Holdings Inc.
- FaZe Holdings Inc. is expected to be traded on NASDAQ under ticker symbol FAZE
- Once the merger is completed, FaZe is going to become the first esports company to surpass $1 billion worth
FaZe Clan announced plans to merge with B. Riley Principal 150 Merger Corp (BRPM) and go public on NASDAQ.
Faze Clan to Go Public on NASDAQ
One of the most recognized esports organizations, FaZe Clan announced on Monday that it plans to merge with B. Riley Principal 150 Merger Corp (BRPM). Consequently, once the merger is completed, the new organization which will be named FaZe Holdings Inc. is expected to be listed on NASDAQ under a new ticker symbol “FAZE.”
“We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market.”Lee Trink, CEO of FaZe Clan
FaZe Clan's CEO, Lee Trink shared his excitement by saying that the organization is thrilled to reach this important milestone. He added that this step reaffirms that FaZe has grown from a content generator to a successful esports franchise recognized globally. Trick stressed that FaZe Clan is one of the most famous franchises that is loved by the younger generations.
FaZe Clan's CEO did not miss saying that the franchise is “becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world.” According to Trink, the transaction will help the company access public markets which will boost its expansion as well as monetization strategy. Last but not least, he outlined that FaZe is looking forward to collaborating with B. Riley's team and thanked them for their support.
FaZe Is Expected to Become the First Esports Company to Surpass $1bn Worth
FaZe Clan revealed that the combined venture FaZe Holdings Inc. is expected to be led by the company's current CEO. Additionally, the company said that Trink's new position will be Chairman of the Board. Kai Henry is expected to take the position of Chief Strategy Officer, while Amit Bajaj will be Chief Financial Officer and Tammy Brandt will take the position of Chief Legal Officer.
Moreover, the company revealed that currently, the merger has received the approval of the boards of directors of both BRPM and FaZe Clan. If all goes well, the merger is expected to be completed by the first quarter of 2022. It's important to mention that the transaction is subject to regulatory and stockholder approvals. The company said that the merger “implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash.” In other words, FaZe would become the first esports company to surpass a billion dollars' worth.
“We are excited to partner with Lee, Amit and the incredible talent that make up the FaZe Clan team.”Dan Shribman, chief investment officer of B. Riley Financial, and CEO and CFO at BRPM
BRPM's CEO and CFO, Dan Shribman, said that the merger with FaZe Clan “represents a tremendous opportunity to invest in the future of media and entertainment.” He outlined that Bajaj and Trink have an incredibly talented team and that BRPM is excited to join them. Moreover, Shribman said that FaZe Clan's team is creative and energetic and BRPM is looking forward to the future success that the collaboration will bring.