Monday, August 8, 2022

FaZe Clan to go public on NASDAQ

The merger between FaZe Clan and B. Riley Principal 150 Merger Corp was approved by the shareholders on July 15 as the esports organization is set to soon go public on the NASDAQ stock exchange.

The Special Purpose Acquisition Company has now engaged its business with the Esports Organization. According to Sportico reporter Eben Novy-Williams, the deal between B. Riley and FaZe Clan is worth $987 million USD. Dubbed as ‘FaZe Holdings Inc.; it will use the new ticker, ‘FAZE’ and ‘FAZEW’. The initial announcement does suggest that the shareholders in FaZe Clan will own a total of 68% of the company.

FaZe Clan now joins Enthusiast Gaming, OverActive Media, and Astralis on the stock market as a list of organizations that deal in Esports and those who have now been made available on the public market. FaZe Clan is known for its lifestyle and digital media platforms which are committed to gaming and other Esports components. They currently have squads engaged in Counter Strike: Global Offensive, Fortnite, and Call of Duty. Clocking over 500 million followers across their social media platforms across the globe, they are tethered to a plethora of variety twitch streamers and are also famous for their merchandise apparel line.

FaZe Clan most recently clinched their first major title of CS:GO at the PGL Antwerp 2022 major, where they beat Natus Vincere in the Grand Finals. Popular hip hop artist and electric lettuce aficionado Snoop Dogg too have joined the Board of Directors at FaZe Clan along with several other personalities, NFL star Kyler “FaZe K1” Murray, Lebron “FaZe Bronny” James Jr., Lil Yachty aka “FaZe Boat”.

In a GQ magazine story, Daniel Schribman, CIO of B. Riley Financial stated:

I see FaZe as almost like a holding company. It’s an IP company. And then the verticals underneath that, you’ve got merchandise, you’ve got esports, you’ve got sponsorships, you’ve got wholly owned IP and content creation. When we think about it from a financial perspective, esports are insignificant here.

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