Popular online content and competitive gaming platform FaZe Clan Inc stated on Monday that it would go public via a merger with a blank-check firm in a deal which values the combined company net worth at $1 billion.
FaZe Clan which was founded back in 2010 offers online gaming, esports, sports merchandise and digital content whose target audiences are millennial and Gen Z consumers.
The online content company stated that currently has more than 350 million users across all of its social media platforms. The company had earlier partnered with major companies including McDonald’s Corp and Verizon Communications.
The new deal with B. Riley Principal 150 Merger Corp will give $291 million to the company including a a private placement in public equity of $118 million along with $173 million from the special purpose acquisition company’s (SPAC) IPO.
With the successful closure of this deal, the online content company will make its debut on Nasdaq under the the ticker symbol of “FAZE.”
“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,” FaZe Clan CEO Lee Trink said in a statement.
The company operates 10 competitive esports teams, which have won 30 championships worldwide to date hinting towards growing future of the company considering the exponential growth of gaming industry.
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