FaZe Clan to go Public, Valued at $1 Billion in SPAC Deal
FaZe Clan Inc. is combining with a special-purpose acquisition company to go public and is valued at roughly $1 billion, the company announced Monday. A SPAC is a shell corporation that is listed on the stock exchange with the purpose of acquiring private companies.
FaZe Clan, a gaming collective founded in 2010 that also sells merchandise and produces digital content, is combining with B. Riley Principal 150 Merger Corp. The Wall Street Journal was the first to report the move.
FaZe Clan is raising $120 million through private investment in public equity as part of the deal, per the Wall Street Journal, and the B. Riley SPAC has about $170 million.
FaZe Clans sales are expected to rapidly increase in the coming years and Dan Shribman, the B. Riley SPAC’s CEO, said the company is unique because of its ability to expand without the need for a lot of cash.
“It’s very different than a lot of other explosive growth companies,” Shribman said.
Although FaZe Clan is primarily a gaming and eSports giant, it also works with several high-profile athletes like Ben Simmons, Kyler Murray and LeBron James Jr.
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