Esports organization FaZe Clan announced plans this morning to merge with B. Riley Principal 150 Merger Corp. to become a publicly-traded company on the NASDAQ through a business combination (private investment in public equity deal, or PIPE) that will see the new entity (to be called "FaZe Holdings Inc," and traded as "FaZe") with an "implied equity valuation" of approximately $1B. This valuation includes transaction proceeds of approximately $291M (including an estimated $118M in PIPE proceeds).
FaZe's estimated gross transaction proceeds will total $291M, including $173M in cash from BRPM’s IPO proceeds held in trust (assuming no redemptions), and $118M from committed PIPE investments. The funds will be used to fund growth in multiple sectors, including entertainment, gaming, consumer products, and more.
FaZe CEO Lee Trink will lead the new entity as CEO and Chairman of the Board; Amit Bajaj will serve as CFO; Kai Henry as Chief Strategy Officer; and Tammy Brandt as Chief Legal Officer.
