Faze Clan goes public with a valuation of $ 1 billion

Merger with ad hoc acquisition company estimated at $ 291 million to fuel growth

Gaming and esports company Faze Clan has announced a merger with special purpose acquisition company B. Riley Principal that will see the company go public on the NASDAQ.

As part of the merger, the company will receive approximately $ 291 million, which will be used to “fund organized and inorganic growth … through content, games, entertainment, consumer products and the metaverse.”

At close, Faze Clan expects the shares to implicitly value around $ 1 billion.

It will change its name to Faze Holdings Inc and will be listed as FAZE on the stock exchange.

“In our short history, we’ve grown from a disruptive content generator to one of the most decorated and successful esports franchises in the world, and now to one of the most recognized and trusted brands. most followed by younger generations in the world, ”said Lee Trink, CEO of Faze Clan.

“We believe Faze Clan is emerging as the voice of youth culture, a brand that sits at the crossroads of content, games, entertainment and lifestyle in the digital native world. This transaction will provide us with capital and access to public markets, which will help us accelerate the expansion of our multiplatform and monetization strategy. “

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