Esports and Gen Z-focused media platform FaZe Clan debuts on Nasdaq after $725M SPAC merger
Gaming and youth culture media platform FaZe Clan on Tuesday completed its $725 million business combination with a special purpose acquisition company (SPAC) sponsored by an affiliate of B. Riley Financial, and started trading as a public company on the Nasdaq on Wednesday, under the new ticker symbols “FAZE” and “FAZEW”.
Following the merger with B. Riley Principal 150 Merger Corp., announced in October last year, the combined company has been renamed “FaZe Holdings Inc.”. To celebrate FaZe’s public listing, the brand’s founders, members of the executive management team and the organization’s talent roster including content creators and esports professionals, rang the Opening Bell at Nasdaq MarketSite in New York's Times Square.
Launched in 2010, FaZe Clan includes offerings in the markets of online gaming, esports, sports merchandise and digital content, with a fan base network of approximately 500 million across its combined social platforms, and nearly 80% of its audience between the ages of 13-34. The company has received funding and support from celebrities including rappers Pitbull and Offset, e-commerce platform Ntwrk, media executive Jimmy Iovine. It counts athletes Kyler Murray and Ben Simmons among its content creators.
Back in November last year, DraftKings teamed up with FaZe Clan, to become the Official Sports Betting, iGaming, Daily Fantasy and Free-to-Play Partner of the digital-native lifestyle brand. The agreement sees both companies uniting across digital platforms for a series of content activations. FaZe has also partnered with major companies including McDonald's Corp. and Verizon Communications to target young consumers.
Source: Read Full Article