WASHINGTON (dpa-AFX) - One of the biggest e-sports companies in the world, Faze Clan on Wednesday announced that it had gone public through a SPAC merger with B. Riley Principal 150 Merger Corp. The deal values Faze at $725 million, which is lower than the original $1 billion announced when the merger was disclosed in October. Faze is now trading on the Nasdaq exchange under the ticker symbol FAZE.
Faze is a big e-sports and gaming lifestyle brand and it is highly popular among younger audiences. The company said that around 80 percent of its audience is between the ages of 13 and 34. It has 11 competitive esports teams in games like Counter-Strike: Global Offensive, Fortnite, PUBG, and Valorant.
The company has also ventured into other areas beyond gaming by opening an expansive merch shop, where you get to buy all types of gear with the company logo attached and a studio for original film and TV projects.
Ever since it was founded in 2010, the company has met with some hurdles. Faze settled a lawsuit with Twitch streamer Tfue, who was at one point signed with the company and then alleged that the former had been financially exploiting him. The company also cut ties with former Miami Heat player Meyers Leonard after he used a racial slur at a public platform.
Going forward, Faze has plans to venture outside the realm of gaming. CEO Lee Trink told the media that Faze is looking at options like gambling, ghost kitchens, and fan clubs and possible partnerships with Web3 companies.
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