FaZe Clan takes next step towards world domination by going public on NASDAQ
Los Angeles-based gaming and lifestyle organization FaZe Clan is about to make one of it’s biggest and boldest moves to date. As part of a global multi-platform growth strategy encompassing content, gaming, entertainment, and consumer products, the company is about to become publicly listed on the NASDAQ.
In a post on its site, FaZe Clan describes itself as a “leading digital content platform created for, and by, the Gen Z and Millennial generations”.
The organization states, “With a combined social media reach of over 350 million, including both its owned and operated channels and its network of content creators and personalities, FaZe Clan is positioned to reimagine traditional entertainment and culture for the next generation.”
FaZe Clan will merge with the B. Riley Principal Merger Corp. Upon completion of the proposed deal, BRPM will rebrand as “FaZe Holdings Inc.” The combined company’s common stock will list on NASDAQ under the name “FAZE.”
“The proposed business combination transaction (the “Business Combination”) implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash (assuming no redemptions),” the company announced. “Through the proposed business combination, FaZe Clan is positioned to become one of the only digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. national exchange.”
With its fan base of 350 million, gaming and lifestyle organization FaZe Clan has created a following that it boasts as rivalling established major sports leagues, as well as generating more social media interactions than the next top eight esports organizations combined.
“FaZe Clan reimagines traditional entertainment for the next generation, leading youth culture with transformative content, tier-one brand partnerships, a collective of notable talent, and fashion and consumer products,” FaZe Clan says. “The Company boasts a diverse and robust talent network and has ten competitive esports teams that have won 30 championships worldwide.
“The Company produces premium content, merchandise, and consumer products and creates advertising and sponsorship programs for leading national brands. With approximately 80% of its audience between the ages of 13-34, FaZe Clan has unlocked key relationships with a coveted demographic that has long proven difficult to reach for traditional media companies and advertisers.”
The cash flow provided by the merger will enable FaZe Clan to make major inroads in international markets and branded peripherals, monetize NFTs, and even look at expanding into the ever-lucrative food market.
In announcing the deal FaZe Clan CEO Lee Trink said, “We are thrilled to announce this important milestone of FaZe Clan’s plans to enter the public market. 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.
He continued with, “We believe FaZe Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy. We are so grateful to the millions of loyal fans who have helped us take FaZe Clan to the next level, without whom this would not have been possible. Lastly, we look forward to working with Dan and Bryant, and the B. Riley team and appreciate their support and confidence.”