Faze Clan goes public in billion dollar SPAC deal – .

0
42
Faze Clan goes public in billion dollar SPAC deal – .


Faze Clan is on the way to becoming a publicly traded company. Competitive esports group merges with B. Riley Principal 150 Merger Corp. in a deal that values ​​the combined companies at $ 1 billion (via Market insider). As part of the deal, Faze Clan estimates it can get up to $ 291 million to help fund its growth, according to an article posted on the Faze Clan website.

Faze Clan is known for its teams competing in Call of Duty, Counter-Strike : Offensive mondiale, Fortnite, PlayerUnknown’s Battlegrounds, and more. With an audience of around 350 million people on social media, the group opened Faze Studios last year with one of the producers behind the Netflix original. 13 reasons why. To further bolster their reputation, celebrities like NBA star Ben Simmons, hip hop artist Offset and popular Twitch streamer NickMercs have all joined the group.

Faze Clan will reach the NASDAQ with the stock symbol FAZE in 2022, but some are skeptical about its arrival on the stock exchange. Jacob Wolf, journalist for Sport point, criticized Faze Clan’s $ 1 billion valuation, noting that Swift Media Entertainment, the parent company of Team Solo Mid, is worth less than half.

In his article, Faze Clan said he plans to move out of content creation to get a more diverse source of income. As Wolf notes, this may mean that Faze Clan will have to acquire hardware companies, software, or add some other type of tech brand to its portfolio. That’s exactly what the esports organization 100 Thieves did earlier this month with its acquisition of Higround, a gaming peripherals company, which complements the group’s talent for clothing design.



LEAVE A REPLY

Please enter your comment!
Please enter your name here