Esports and entertainment giant FaZe Clan are making history today. Announcing plans to become a public trade company, a new special-purpose acquisition company (SPAC) deal will see their value rise above an enormous $1 billion when this deal closes.
Forbes reports that FaZe will be traded to NASDAQ as FAZE, making a deal with B. Riley Principal 150 Merger Corp, a blank check company supported by B. Riley Financial, Inc. As part of this, FaZe CEO Lee Trink expressed his thoughts about this new venture, stating:
"There are so many things that I would never have thought in a million years that I would ever get an opportunity to do. Maybe at the end of a long list is something like this—to be CEO of a billion-dollar value company. It's humbling.”
FaZe Clan Reveals SPAC Merger, Becoming the First Billion Dollar Esports Company
Once the deal pushes through, that's estimated to raise $291 million from this transaction. FaZe's present stockholders will have a 68% share of the merged company, but they're not the only ones gaining once this is official.
FaZe Clan is comprised of numerous Esports teams for games like Call of Duty, CS:GO, PUBG, Fortnite, Rainbow Six, and more. They're also known for establishing gaming and entertainment content creators under their wing, including famous athletes like Ben Simmons and Kyle Murray, alongside celebrity investors like Pitbull, Swae Lee, and Offset.
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