FaZe Clan Inc. has announced a merger with B. Riley Principal 150 Merger Corp. (NASDAQ: BRPM), valuing the combined company at approximately $1 billion. The merger is expected to provide $291 million in gross transaction proceeds, aiding FaZe Clan's growth across content, gaming, and consumer products. Once completed, BRPM will be renamed to FaZe Holdings Inc. and its stock will trade under the symbol FAZE. Both companies aim to capitalize on the significant engagement of Gen Z, leveraging their social media reach.
B. Riley Principal 150 Merger Corp. closed its initial public offering (IPO) on February 23, 2021, raising gross proceeds of $172.5 million. The offering consisted of 17,250,000 units, priced at $10.00 per unit, with trading beginning under the ticker symbol BRPMU. Each unit includes one share of Class A common stock and one-third redeemable warrant. The company plans to use the proceeds for potential business combinations, focusing on firms with an enterprise value of $300 million to $1 billion. B. Riley Securities, Inc. was the sole book-running manager.