FaZe Clan Going Public with a $1 Billion SPAC Deal.
FaZe Clan is very well-known among young people, especially gamers. They have teamed up with a special purpose acquisition company to file an IPO that is estimated to be worth $1 billion. FaZe Clan is a top online gaming company that is very popular with millennials and Gen Z.
The company is in the business of esports, digital content, and goods. On its website, the company says that it can reach more than 350 million people through social media. It works with McDonald's Corporation and Totino's Pizza Rolls.
Several famous people in entertainment and sports, like Pitbull, also support and back it.
FaZe Clan has decided to join with SPAC B. Riley Principal 150 Merger Corp. This will help FaZe Clan raise a lot of money and spread the word about its brand. Lee Trink, the CEO of FaZe Clan, said in an interview, "Our direct relationship with our huge audience is our biggest opportunity."
He also said, "It's a very big, very active community where we have deep roots."
FaZe-Clan was able to raise about $120 million through PIPE because of the deal (private investment in public equity). Since SPAC B. has $170 million in cash, the deal can also bring in more cash for FaZeClan.
Also, FaZe-expected Clan's sales of $50 million are expected to grow quickly in the coming years.
SPAC mergers have become popular recently, and a number of online platforms that are growing quickly have turned to them. SPAC lets new businesses raise a lot of money and make more people aware of their brand.
DraftKings Inc., Skillz Inc., and BuzzFeed are some of the companies that have followed the SPAC plan to go public. Recently, Donald Trump's new social media business joined forces with SPAC Digital World Acquisition Corp. to go public.
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