FaZe Clan has made esports history by planning to be the first esports organisation to become publicly traded and valued at over $1 billion. The move will see the company listed on the Nasdaq exchange, allowing fans to invest in the organisation.
Revealed in a press release by FaZe Clan, the organisation has entered an agreement with B. Riley Principal 150 Merger Corp (BRPM), a deal that will see the pair merge by the end of the first quarter of 2022, so that FaZe can go public on the Nasdaq.
According to the press release, this merger will see FaZe Clan both reach an equity value of around $1 billion, and will also see FaZe receive $291 million to be able to continue to grow and fund its growth in the future.
The merger will also see BRPM change its name to FaZe Holdings Inc., with the company's stock set to be listed on Nasdaq under the symbol of FAZE. Likewise, when the merger has been completed, FaZe Clan CEO Lee Trink will also become the chairman of the board of the company, with various other senior members of FaZe set to lead the company alongside Trink.
"We are thrilled to announce this important milestone of FaZe Clan's plans to enter the public market," said Trink 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 esports franchises, and now into one of the younger generations' most recognized and followed brands globally. 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."
