FaZe Clan, the gaming and leisure content material platform, has announced its plans to go public via a proposed SPAC deal that offers the corporate a $1 billion valuation. The deal is with B. Riley Principal 150 Merger Corp., a particular goal acquisition firm backed by B. Riley Monetary Inc.
In an inside firm memo this morning, FaZe Clan CEO Lee Trink mentioned that the deal—anticipated to take FaZe Clan public within the first quarter of 2022—would convey the “sources to additional speed up our progress, bringing our largest concepts to life.” The mixed firm’s frequent stock is predicted to be listed on the Nasdaq underneath the brand new ticker image “FAZE.”
“This can be a pure subsequent step within the progress of FaZe Clan,” writes Trink. “There isn’t a gaming group, leisure firm or media model fairly like FaZe Clan. We have now an incredible alternative forward of us. FaZe is evolving from a digital writer into an mental property engine, which we consider will unlock new methods to diversify our income. We’ll have a look at new progress alternatives throughout the creator financial system and rising applied sciences akin to digital items and the metaverse . . . As a public firm, we’ll proceed to innovate and disrupt whereas all the time staying genuine to our roots. It’s important that we keep true to who we’re, and all the time do not forget that every thing we do is for the FaZe Clan group and followers. We may by no means have arrived at today with out them and their assist.”
FaZe Clan began in 2010 as a bunch of buddies taking part in Name of Responsibility, and has since turn into an e-sports and leisure powerhouse, balancing a content material manufacturing studio; expertise administration, a direct-to-consumer e-commerce enterprise; and a gross sales staff negotiating model offers.
Its buyers embrace NBA stars Ben Simmons and Jamal Murray, music business supervisor and exec Man Oseary, and musicians like Offset and Pitbull. It additionally has partnerships with main manufacturers like McDonald’s and Xbox. In September, the model introduced a partnership with DC Comics for a limited-edition Batman comedian guide that includes superhero variations of FaZe Clan members, and naturally a line of merchandise for the collab, like esports jerseys, attire, and pc equipment.
Again in July, FaZe Clan suspended three members and permanently removed another for his or her involvement in a cryptocurrency scheme. The corporate boasts a social media following of greater than 350 million, and says 80% of its viewers is between the ages of 13 and 34.