The iconic gaming platform FaZe Clan is set to become a publicly-traded company appearing on the NASDAQ later this week.
The company made the announcement early on Monday, Oct. 25. In a tweet published to its verified Twitter account @FaZeClan, it stated the move was made "for you, the fans." The tweet was accompanied by a link to a brand new page on its website explaining the move, how it came to be, and what things would look like going forward.
Ultimately, FaZe Clan will be joining other companies on the NASDAQ following a merger with B. Riley Principal 150 Merger Corp (BRPM). It will appear under the tag "FAZE" managed by "FaZe Holdings Inc."—the new name of BRPM following the completed transaction.
FaZe Clan Announces It Will Become a Publicly Traded Company
According to the official webpage statement, the move will "position FaZe Clan to expand and further diversify its digitally native youth lifestyle."
FaZe Clan has made a name for itself in recent years as one of the premier gaming companies alongside brands such as 100 Thieves. It has an immense social media presence with the ability to reach around 350 million users—primarily Gen Z and Millennials.
Combined, FaZe Holdings Inc. is valued at nearly $1 billion. Existing stockholders will have a 68% share in the company and are expected to roll the full value of "their equity into the combined company."
Going forward, FaZe Clan plans to use its profits—estimated at $291 million—to fund further projects and audience outreach. This includes "content, gaming, entertainment, and consumer products, including potential acquisitions."
More information about the merger and FaZe Clan's listing on the NASDAQ can be found on the company's website.