Portfolio Member FaZe Clan to Become a Publicly Listed Company

FaZe Clan, a Crown Predator holdings portfolio company, is expected to listed on NASDAQ following a business combination with B. Riley Principal 150 Merger Corporation.

  • FaZe Clan is a leading digital content platform created for, and by, the Gen Z and Millennial generations
  • With a combined social media reach of over 350 million, including both its owned and operated channels and its network of content creators and personalities, FaZe Clan is positioned to reimagine traditional entertainment and culture for the next generation
  • Estimated transaction proceeds of approximately $291 million (including an estimated $118 million in PIPE proceeds) will be used to fund FaZe Clan’s global multi-platform growth strategy spanning content, gaming, entertainment, and consumer products, including potential acquisitions
  • Upon closing, the combined company is expected to have an implied equity valuation of approximately $1 billion inclusive of nearly $275 million in cash on its balance sheet
  • On a pro forma basis post-closing, the existing FaZe Clan stockholders will own 68% of the equity interest, all of whom are expected to roll 100% of their equity into the combined company

FaZe Clan Inc. (“FaZe Clan” or the “Company”) announced it has entered into a definitive merger agreement (the “Merger Agreement”) to combine with B. Riley Principal 150 Merger Corp. (NASDAQ: BRPM) (“BRPM”), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley Financial”). The proposed business combination transaction (the “Business Combination”) implies an equity value of approximately $1 billion for the combined company inclusive of nearly $275 million of cash (assuming no redemptions). Through the proposed business combination, FaZe Clan is positioned to become one of the only digitally native, youth-focused lifestyle and media platforms publicly traded on a U.S. national exchange. Read more

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