Faze Clan is going public in $1 billion SPAC deal

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Faze Clan is on monitor to turn into a publicly traded firm. The aggressive esports group is merging with B. Riley Principal 150 Merger Corp. in a deal that values the mixed corporations at $1 billion (through Markets Insider). As part of the deal, Faze Clan estimates it may well stand up to $291 million to assist fund its development, in response to a post on Faze Clan’s website.

Faze Clan is identified for its groups that compete in Call of Duty, Counter-Strike: Global Offensive, Fortnite, PlayerUnknown’s Battlegrounds, and extra. With an viewers of about 350 million folks on social media, the group opened up Faze Studios final 12 months with one of many producers behind the Netflix unique 13 Reasons Why. To additional bolster its popularity, celebrities like NBA star Ben Simmons, hip hop artist Offset, and standard Twitch streamer NickMercs have all joined the group.

Faze Clan will hit the NASDAQ with the ticker image FAZE in 2022, however some are skeptical of its arrival on the inventory market. Jacob Wolf, a reporter for Dot Esports, criticized the $1 billion valuation of Faze Clan, noting that Swift Media Entertainment, the dad or mum firm of Team Solo Mid, is value lower than half as a lot.

In its submit, Faze Clan says that it plans to step exterior of content material creation to realize a extra various income. As Wolf notes, this will imply that Faze Clan must purchase {hardware} corporations, software program, or add another sort of tech model to its portfolio. Esports group 100 Thieves did simply that earlier this month with its acquisition of Higround, a gaming peripheral company, which enhances the group’s knack for apparel design.



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