FaZe Clan will go public

North American esports organization FaZe Clan plans to go public through a merger with B. Riley Principal 150 Merger Corp (BRPM). The organization's shares are expected to appear on the NASDAQ exchange.

Upon completion of the business combination with BRPM, the organization will change its name to FaZe Holdings Inc. The common stock of the combined company will be listed on the NASDAQ under the new ticker symbol "FAZE".

Lee Trink, CEO of FaZe Clan: “We are delighted to announce this milestone in FaZe Clan's plans to go public. In our short history, we have gone from a revolutionary content generator to one of the most award-winning and successful esports franchises in the world, and have now become one of the most recognized and popular brands among the younger generation worldwide. This deal will provide us with capital and access to public markets, which will help us accelerate the expansion of our strategy and monetization. "

Estimated gross proceeds from the transaction are $ 291 million, including $ 173 million in cash from the BRPM IPO held in trust (assuming no redemption) and $ 118 million from the investment in PIPE.

The net proceeds from the transaction, which will include the cash in the trust less any redemptions and the sales proceeds less the costs associated with the transaction, will be used to fund organic and inorganic growth as the company expands its digital multiplatform presence.

With funding from the proposed business combination, FaZe Clan plans to further diversify its revenue streams by monetizing users, expanding its global presence and investing in new growth opportunities.