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FaZe Clan Going Public via Merger with B. Riley-Sponsored SPAC

Deal will bring youth driven lifestyle entertainment brand to public markets.

FaZe Clan, a gaming and lifestyle platform, is going public through a merger with B. Riley Principal 150 Merger Corp.  (BRPM) - Get B. Riley Principal 150 Merger Corp. Class A Report, the companies said Monday. 

The deal, which is expected to close in early 2022, will help FaZe expand its operations in online entertainment and esports.

FaZe Clan offers a variety of entertainment from video blogs, lifestyle and branded content, and gaming highlights to live streams of competitive gaming tournaments.

“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,” said Lee Trink, CEO of FaZe Clan, in a statement.

“In our short history, we have evolved from a disruptive content generator to one of the world’s most decorated and successful e-sports franchises, and now into one of the younger generations’ most recognized and followed brands globally,” Trink said in the statement.

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B. Riley Principal 150 Merger Corp. is a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc.  (RILY) - Get B. Riley Financial, Inc. Report. The proposed business combination transaction implies an equity value of approximately $1 billion for the combined company including nearly $275 million of cash, the companies said in the statement.

FaZe has a roster of more than 85 influencers which include NFL players, up-and-coming basketball talents, including Lebron James Jr., as well as musical performers such as rapper Lil Yachty. The company fields 10 competitive e-sports teams which have won 30 championships worldwide.

Upon completion of the deal, BRPM will change its name to “FaZe Holdings Inc.” The combined company’s common stock is expected to be listed on Nasdaq under the new ticker symbol FAZE.

The transaction has been approved by the boards of directors of both FaZe Clan and BRPM. Upon closing, the combined company will be led by Trink, who will also become chairman of the board.

B. Riley Financial is an investor in The Arena Group, which owns TheStreet.