FaZe Clan Touches Almost a Billion-Dollar Valuation for Investors With Latest Merger
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Highly popular and renowned eSports organization, FaZe Clan has eventually finished its merger with B. Riley Principal 150 Merger Corp. With this, the organization is set to go public very soon on the NASDAQ exchange.
Not to mention that this successful merger is also going to make FaZe Clan an even bigger entity across the globe. Its star-studded investor line-up will receive a huge advantage once the organization officially goes public.
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FaZe Clan’s merger with B. Riley Principal 150 Merger Corp is worth $987 million!
World’s most prominent and professional gaming eSports organization was founded more than a decade ago by three members. Fast forward to 2022, now it’s considered to be the most followed and widely known entity. Thanks to the ever-growing popularity of the brand FaZe, the organization has so far attracted huge names from the world of traditional sports as well as the entertainment industry.
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NBA stars like Josh Hart and American rapper and singer Pitbull are currently associated with FaZe Clan as one of its high-profile investors. The LA Lakers’ basketball player joined it in 2019. On the other hand, the Timber hitmaker joined as an investor in the year 2020. Along with them, the rapper ‘Offset’ is also attached to the eSports organization as an investor.
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Earlier this year, another NBA star, Anthony Davis, announced his involvement with the Clan. He’s currently on the Nuke Squad team of the Clan as a gamer.
Speaking of the latest news about FaZe’s merger with the SPAC (Special Purpose Acquisition Company), then it’s valued at $987 million, according to Sportico’s reporter Eben Novy-Williams. Previous reports projected it to be around $1 billion, but the current amount is only a few million short.
NEWS: The long-proposed merger of @FazeClan and the B. Riley Principal 150 SPAC was approved by shareholders this morning.
The esports/influencer org will be going public in a $987 million deal. There were questions about whether this would happen. $BRPM is trading at $9.93. pic.twitter.com/YXbrA3D9VX
— Eben Novy-Williams (@novy_williams) July 15, 2022
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As of this writing, B. Riley Principal 150 Merger Corp is currently traded at $10.89. The figure has increased from Friday, July 15 when the merger with FaZe Clan was approved by shareholders.
The company will trade under the ticker $FAZE, and the new entity on NASDAQ exchange will be known as FaZe Holdings Inc. Once it goes public, the organization will join the likes of Enthusiast Gaming, OverActive Media and Astralis. They are all associated with eSports elements and have moved to the public market in the last few years.
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What are your thoughts on this huge merger? Let us know in the comments.
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Written by:
Edited by:
Jito Tenson