FaZe Clan has announced that it’s going public via a special purpose acquisition company (SPAC) merger with B. Riley Principal 150 Merger Corp (NASDAQ:BRPM).
Let’s jump into that FaZe Clan SPAC merger news below!
- FaZe Clan is a youth-focused platform that offers content and merchandise.
- It has a major focus on gaming, sports, and other aspects of youth culture.
- The company’s audience includes some 350 million people.
- Of those, about 80% are between the ages of 13 and 34. years old.
- The deal taking it public has a $1 billion valuation.
- As part of its deal with B. Riley Principal 150 Merger Corp, the group is raising $118 million through a private investment in public equity (PIPE).
- It’s also worth noting that BRPM has $173 million available.
- FaZe Clan expects the SPAC merger to take it public with close to $275 million of cash.
- Another thing worth noting is that B. Riley Principal 150 Merger Corp is a SPAC company set up by B. Riley Financial, Inc. (NASDAQ:RILY).
Lee Trink, CEO of FaZe Clan, said the following about today’s SPAC merger news.
“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.”
BRPM stock is seeing heavy trading on today’s news. As of this writing, more than 10 million shares of the stock have been traded. For comparison, the company’s daily average trading volume is about 16,000 shares.
BRPM stock was up 11.6% as of noon Monday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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