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Oct. 25, 2021, 6:14 a.m. EDT

FaZe Clan to go public through acquisition by SPAC B. Riley Principal 150 Merger, valuing company at $1 billion

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By Tomi Kilgore

Gaming, lifestyle and media company FaZe Clan is on course to go public after announcing a deal to merge with special purpose acquisition company B. Riley Principal Merger Corp. /zigman2/quotes/225944780/composite BRPM -0.29% in a deal valuing the combined company at $1 billion. The companies estimate proceeds from the deal $291 million, which will be sued to fund FaZe Clan's growth. After the deal closes, which is expected to occur in the first quarter of 2022, the company's name will become FaZe Holdings Inc. and the stock will list on the Nasdaq under the ticker symbol "FAZE." The SPAC is sponsored by an affiliate of B. Riley Financial Inc. /zigman2/quotes/207546924/composite RILY -3.03% . "We are thrilled to announce this important milestone of FaZe Clan's plans to enter the public market," said FaZe Chief Executive Lee Trink. "In our short history, we have evolved from a disruptive content generator to one of the world's most decorated and successful esports franchises, and now into one of the younger generations' most recognized and followed brands globally." The SPAC's stock, which started trading in April, has slipped 0.1% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 3.0%.

/zigman2/quotes/225944780/composite
US : U.S.: Nasdaq
$ 10.35
-0.03 -0.29%
Volume: 324,260
Nov. 26, 2021 1:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$229.22 million
Rev. per Employee
N/A
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/zigman2/quotes/207546924/composite
US : U.S.: Nasdaq
$ 77.88
-2.43 -3.03%
Volume: 125,263
Nov. 26, 2021 1:00p
P/E Ratio
3.97
Dividend Yield
3.21%
Market Cap
$2.21 billion
Rev. per Employee
$928,468
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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