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Could Esports' FaZe Clan Go MEME as it Goes Public via B Riley SPAC?

The first deal of its kind values the gaming and lifestyle platform at $713M. The deal is supported by a $118M PIPE.

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FaZe Clan, the immensely popular gaming and media platform has struck a deal to go public via B Riley Principal 150 Merger Corp. (BRPM). It's far from FaZe's more humble roots as small time video game streamers, and helps cement them as an e-sports behemoth. The deal values FaZe as a $713M enterprise. It's a welcome to the big league moment for esports 

To boot, FaZe could have MEME potential with an army of loyalist internet fans. 

The deal financing includes a $118M PIPE, which will be used to "fund FaZe Clan's global multi-platform growth strategy spanning content, gaming, entertainment, and consumer products, including potential acquisitions"

See the investor deck here. 

FaZe Clan Overview

fazethesis

FaZe is on track to generate $50M in revenue this year, and is projecting 90% CAGR out to 2025, and expects to be EBITDA positive by 2023. 

fazerevs

This is the third SPAC from B Riley and they have a 4th, B Riley Principal 250 Merger Corp, searching for a target. BRPM is trading up ~14.5% on news of the deal. 

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)