FaZe Clan is set to become a publicly traded company after B. Riley Principal 150 Merger Corp (BRPM) shareholders approved the merger between the two companies, the North American organization announced Friday.
Upon the closing of the merger, the company will be renamed FaZe Holdings Inc., and its shares are expected to begin trading Wednesday, July 20, on the Nasdaq index under the new ticker symbols "FAZE" and "FAZEW."
According to Sportico reporter Eben Novy-Williams, the deal is worth $987 million.
In October 2021, FaZe first announced its plans to go public with a Nasdaq listing through a merger with B. Riley Principal 150 Merger Corp., which valued the combined entity at $1 billion at the time.
On June 22 of this year, FaZe announced that the Securities and Exchange Commission (SEC) had approved its deal to go public via a merger.
With the merger now expected to close July 19, FaZe is officially set to have the highest valuation ever for an esports company. According to Forbes’ 2022 list of the most valuable esports companies, FaZe ranked fourth with a $400 million valuation — a 31% increase compared to 2020.
FaZe Clan, founded initially in 2010, has reached over 500 million followers across social platforms globally, as well as cultivated an esports division that includes 11 teams who have won over 30 world championships.
The org's roster is said to include more than 85 content creators, esports professionals and celebrities, such as Arizona Cardinals QB Kyler Murray, LeBron "Bronny" James Jr., Lil Yachty and Snoop Dogg.