FaZe Clan goes public after completing the merger of SPAC – Billboard

FaZe Clan, the collective e-sports and youth culture brand that has received investment from a range of big names in the music business, went public on Nasdaq on Wednesday (July 20).

The listing follows the completion of the merger of FaZe Clan’s special purpose acquisition company (SPAC) with 150 Merger Corp., a subsidiary of B. Riley Financial. The combined company has been renamed FaZe Holding and will trade under the ticker symbol FAZE.

On day one, the stock fell more than 24% to $9.88 after its launch at a share price of $13.07. It recovered slightly to $10.19 in after-hours trading.

With a fan network of around 500 million across social platforms, according to the company, FaZe Clan has attracted a number of well-known investors from the music industry, including Jimmy Iovine, Sylvia Rhone, Troy Carter, Guy Oseary and artists like Offset, Lil Yachty, Pitbull and Yo Gotti.

Those investments are not surprising when you consider that the CEO of FaZe Clan Lee Trink has a deep background in the music business, having worked at labels including Atlantic Records, Virgin Records, Capitol Records and Lava; He also served as Kid Rock’s manager for a time. In addition, the president and COO Zach Katz, who joined the company earlier this year, previously served as president of BMG US and co-founded music distribution and label Beluga Heights following previous positions as attorney and music manager. Strategy Officer Kai Henry also has a musical background, featuring curated artists including Snoop Dogg, who currently serves on FaZe Clan’s board of directors.

FaZe Clan’s footprint has expanded to many arenas over the years. In addition to its core esports gaming sector that includes 11 competitive teams, it has expanded its reach by launching content, sales, and music divisions. The company says that about 80% of its audience fell for the coveted 13-34 year old demo, and that the music industry took notice; Among other deals, FaZe Clan has teamed up with the late Interscope and Juice WRLD for a bundle of merchandise around the rapper’s 2020 album. Legends never die. In September, the company took a deeper dive into the music by releasing the track “Made A Way” by FaZe Clan member FaZe Kaysan featuring Future and Lil Durk.

“This is a landmark event for gaming and Gen Z culture, as FaZe Clan becomes the first Gen Z original franchise to go public,” Trink said in a statement. “It gives us access to capital and a global profile to deliver on our long-term growth goals and gives fans the opportunity to own a piece of their future for the first time. I. As this generation rises to economic power and influence, FaZe will continue to use its voice to pioneer and innovate at the intersection of technology, entertainment and culture. “

Dan Shribman, Chief Investment Officer at B. Riley Financial, added, “With an unparalleled level of engagement with Gen Z, FaZe represents a powerful opportunity to invest in the future of original digital entertainment. Establishing a presence in public markets gives FaZe the opportunity to meaningfully expand its global presence across content, games, entertainment, consumer products, and Web3. “

https://www.billboard.com/pro/faze-clan-goes-public-spac-merger/ FaZe Clan goes public after completing the merger of SPAC – Billboard

Fry Electronics Team

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