Popular esports organization FaZe Clan is set to become a publicly traded company after a merger with B. Riley Principal 150 Merger Corp (BRPM) was approved by BRPM shareholders today.
The deal is worth $987 million, according to Sportico reporter Eben Novy-Williams. When FaZe and BRPM announced the merger proposal in October 2021, it was believed the esports organization’s valuation could actually exceed $1 billion. The deal also took longer to finalize. Many experts believed it would be done in Q1 2022, although the merger only gained approval from the Securities and Exchange Commission near the end of Q2 2022.
Despite this, FaZe is set to become one of the first esports organizations to become publicly traded. The entity, FaZe Holdings Inc., will be traded on the NASDAQ under the ticker symbol $FAZE. At time of writing, $BRPM, which will be changed to the FaZe symbol once everything is finalized, is selling at $9.80 per share.
In addition to its successful esports teams and players, FaZe has developed a strong reputation in popular culture with the signings of artists and athletes, including rapper Lil Yachty, NFL quarterback Kyler Murray, and Bronny James, the son of NBA star LeBron James.
Even before it signed influencers or fielded competitive esports teams, however, FaZe placed a premium on content. With the likes of Banks, Temperrr, Rain, Apex, and others, the organization began as a Call of Duty sniping clan. Like OpTic Gaming, FaZe quickly gained popularity on YouTube and other social media platforms.
Capitalizing on its newfound popularity, FaZe expanded into esports scenes, such as CoD and CS:GO, both of which have been particularly successful for the organization. Atlanta FaZe, one of 12 Call of Duty League franchises, won the 2021 CDL Championship and the $1.2 million grand prize after a dominant season. After years of falling just short of a coveted Major title, FaZe’s CS:GO team also won the PGL Antwerp Major in May.