E-Sports company FaZe Clan announces SPAC merger, to go public at a valuation of $1 billion

E-sports company FaZe Clan signs a SPAC merger and goes public on the NASDAQ at a valuation of almost $1 billion.

E-sports and entertainment company FaZe Clan announced plans to publicly trade through a SPAC deal with B. Riley Principal 150 Merger Corp. FaZe Clan is expected to raise an estimated transaction of $291 million, valuing the E-sports company at $1 billion after the deal closes. FaZe Clan will trade on the NASDAQ under the 'FAZE' ticker.

Lee Trink, CEO of FaZe Clan, said, "There are so many things that I would never have thought in a million years that I would ever get an opportunity to do. Maybe at the end of a long list is something like this—to be CEO of a billion-dollar value company. It's humbling."

E-sports company FaZe Clan was launched in 2010 by a group of Call of Duty players who developed an immense online following from their innovative gameplay. Offerings from FaZe Clan include online gaming, E-sports, sports merchandise, and digital content targeted at millennial and Gen Z consumers. The company reported that it currently has more than 350 million users across its platforms. According to Forbes Magazine, in 2020, FaZe Clan was the fourth-most valuable E-sports company in the world. Forbes valued the company at $305 million.