Eight months after first announcing they would go public with a Nasdaq listing, FaZe Clan once again is on the verge of an SEC-approved merger with B. Riley Principal 150 Merger Corp.
If completed, the B Riley Principal 150 Merger Corp. listing of BRPM would transition to FAZE on the stock market. As of Friday afternoon, BRMP was trading at $9.96 per share as it continued to hold steady while up from $9.81 last week.
The merger initially was expected to close in the first quarter of 2022 but FaZe Clan missed financial targets and could not match a valuation of $1 billion.
The merger still has to more requirements to meet before it can become official. At least 36 percent of BRPM shares need to be committed to the merger in a July 15 vote, while BRPM needs to have enough funds available for shareholders to have the option of withdrawing their investment.
"We are thrilled to announce this important milestone of FaZe Clan's plans to enter the public market," FaZe Clan CEO Lee Trink said when the merger looked likely in October. "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."
--Field Level Media