FaZe Clan will become a publicly listed company on Nasdaq through merger with B. Riley Principal 150 Merger Corp., the esports organization announced Monday.
B. Riley Principal 150 Merger Corp. currently is listed on Nasdaq under the name BRPM.
“The proposed business combination transaction implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash (assuming no redemptions),” FaZe Clan wrote in their announcement. “Through the proposed business combination, FaZe Clan 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 merger, BRPM will then be known as “FaZe Holdings Inc.” The common stock will be listed on Nasdaq under the symbol FAZE.
“We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market,” said Lee Trink, CEO of FaZe Clan. “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.
“We believe FaZe Clan 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. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy.”
–Field Level Media
