FaZe Clan E-Sports Group Goes Public Through SPAC Deal

The esports and lifestyle brand Faze Clan completed a business combination with a B. Riley special-purpose-acquisition company.

Esports organization Faze Clan went public on July 20 and will trade on the Nasdaq under the ticker symbol FAZE. 

Faze Clan said it had completed a business combination with B. Riley Principal 150 Merger Corp.  (BRPM) – Get B. Riley Principal 150 Merger Corp. Report, a special purpose acquisition company (SPAC) sponsored by an affiliate of B. Riley Financial  (RILY) – Get B. Riley Financial Inc. Report.

The company reaches more than 500 million followers with a variety of entertainment, including video blogs, lifestyle and branded content, gaming highlights, and live streams of gaming tournaments.

“This is a landmark event for gaming culture and Gen Z, as Faze Clan becomes the first Gen Z native brand to go public,” Chief Executive Lee Trink said in a statement. 

“It provides us the access to capital and global profile to enable our long-term growth objectives, and for the first time gives our fans the opportunity to own a part of our future.”

‘Faze Will Continue to Use its Voice’

As this generation rises to economic power and influence, Trink said, “Faze will continue to use its voice to pioneer and innovate at the intersection of technology, entertainment, and culture.”

The company’s roster of more than 100 personalities consists of content creators, esports professionals, gamers, and a mix of talent who go beyond the world of gaming, including NFL star Kyler “Faze K1” Murray, Lebron “Faze Bronny” James Jr., Lil Yachty aka “Faze Boat” and Snoop Dogg aka “Faze Snoop.” 

Faze Clan’s gaming division includes 11 competitive esports teams that have won 35 world championships.

The board at Faze Clan includes, among others, Calvin “Snoop Dogg” Cordozar Broadus Jr., the rapper, singer, songwriter, actor, record producer, DJ, media personality, and entrepreneur; and Ross Levinsohn, chairman and CEO of the Arena Group  (AREN) – Get The Arena Group Holdings Inc. Report, which owns TheStreet.com and operates SI.com.

Skadden, Arps, State, Meagher & Flom was legal adviser to Faze Clan. White & Case provided legal advice to the B. Riley SPAC. 

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