FaZe Clan to Go Public via SPAC Route

FaZe Clan to Go Public via SPAC Route

FaZe Clan has offerings in esports, digital content, online gaming as well as sports merchandise. The company is now listing on the NASDAQ under the ticker FAZE. The listing will enable the company to expand and diversify. Currently, the company could be said to be a naïve youth lifestyle platform that targets Gen Z audiences.

How is FaZe Clan going public?

Gen Z and millennial-oriented online gaming and the content platform is going public through the route of a merger. The merger will take place with a blank-check firm. The announcement regarding the merger was made on October 25, 2021. The deal values the company at $1 billion.

The company was launched in 2010. It has offerings in esports, digital content, online gaming as well as sports merchandise. The company has also received support as well as funding from a number of celebrities. Rappers such as Offset and Pitbull have given funding to the company. Media Executive, Jimmy Iovine as well as e-commerce platform Network. Amongst its content creators are athletes Ben Simmons as well as Kyler Murray.

The merger with B. Riley Principal 150 Merger Corp that trades under the symbol BPRM, the company expects to trade under the symbol FAZE. After the merger BPRM is also expected to change its name to FaZe Holdings Inc. The merger will enable the company to expand and diversify from a naïve youth lifestyle platform that targets Gen Z audiences. The effect of the merger would be that the equity valuation of the combined company would be valued at $1 billion that would include $275 million cash on the Balance Sheet.

Remodeling the brand

The company has a combined social media reach of over 350 million. It believes that the brand can be repositioned to “reimagine traditional culture”. The repositioning would target the next generation. Approximately $291 million of the sale proceeds will be used towards the funding of the global multi-platform growth strategy that will include content, potential acquisitions as well as consumer products.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.