{"id":4680,"date":"2021-10-27T03:04:40","date_gmt":"2021-10-27T10:04:40","guid":{"rendered":"https:\/\/www.gamesround.com\/blog\/?p=4680"},"modified":"2021-10-27T03:04:40","modified_gmt":"2021-10-27T10:04:40","slug":"esports-outfit-faze-clan-to-go-public-in-a-spac-deal-worth-1-billion","status":"publish","type":"post","link":"https:\/\/www.gamesround.com\/blog\/esports-outfit-faze-clan-to-go-public-in-a-spac-deal-worth-1-billion","title":{"rendered":"Esports Outfit Faze Clan To Go Public In A SPAC Deal Worth $1 Billion"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.gamesround.com\/blog\/esl-and-dreamhack-sign-revenue-sharing-agreement-with-13-globally-leading-esports-teams\" title=\"ESL and DreamHack sign revenue-sharing agreement with 13 globally leading esports teams\">Faze Clan<\/a> is all set to become a publicly-traded company. The gaming and esports platform has announced that it is merging with B. Riley Principal in a special purpose acquisition company (SPAC) at a $1 billion valuation.\u00a0<\/p>\n\n\n\n<p>As a part of the agreement, Faze Clan will receive up to $291 million in funds, which the company intends to use to fuel its growth. Furthermore, existing shareholders of Faze Clan will own 68% of the equity in the company after the completion of the transaction.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>&#8220;In our short history, we have evolved from a disruptive content generator to one of the world&#8217;s most decorated and successful esports franchises, and now into one of the younger generations&#8217; most recognised and followed brands globally,&#8221; said Faze Clan CEO Lee Trink. &#8220;We believe Faze Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetisation strategy.&#8221;<\/p><\/blockquote>\n\n\n\n<p>According to Faze Clan, the proceedings &#8220;will be used to fund organic and inorganic growth as the Company expands its digitally native global multi-platform presence across content, gaming, entertainment, consumer products and the Metaverse.&#8221;<\/p>\n\n\n\n<p>Through this special acquisition, Faze Clan is positioned will become the only listed digitally-native, youth-focused lifestyle and media company on a U.S. national exchange. Additionally, the company will be listed as FAZE on the exchange and change its name to Faze Holdings Inc.&nbsp;<\/p>\n\n\n\n<p>Faze Clan was founded in 2010 by and for the Millennials and Gen Z. <\/p>\n\n\n\n<p>The company has more than 350 million followers across several social platforms worldwide and delivers a wide range of entertainment activities spread across various genres, including live streams and highlights of popular competitive gaming tournaments.<\/p>\n\n\n\n<p>Send your news at news@gamesround.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Faze Clan is all set to become a publicly-traded company. The gaming and esports platform has announced that it is merging with B. Riley Principal in a special purpose acquisition company (SPAC) at a $1 billion valuation.\u00a0 As a part of the agreement, Faze Clan will receive up to $291 million in funds, which the [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":4683,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[244],"_links":{"self":[{"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/posts\/4680"}],"collection":[{"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/comments?post=4680"}],"version-history":[{"count":7,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/posts\/4680\/revisions"}],"predecessor-version":[{"id":4688,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/posts\/4680\/revisions\/4688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/media\/4683"}],"wp:attachment":[{"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/media?parent=4680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/categories?post=4680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gamesround.com\/blog\/wp-json\/wp\/v2\/tags?post=4680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}