Reknown esports organisation, FaZe Clan Inc, announced that it will go public after a merger with a special purpose acquisition company that would eventually be valued to a total of USD $1 Billion. Special Purpose Acquisition Companies (SPAC) are basically shell corporations that exist solely for the purpose of acquiring another company. These SPAC deals are known vehicles to allow private companies from going through a faster route towards their initial public offering. One the merger deal is done, the merged company will be renamed as FaZe Holdings Inc and will be successfully listed as “FAZE” under the Nasdaq exchange.
From its prospectus, FaZe is targeting to become one of its only digitally native, youth-focused lifestyle and media platforms publicly traded on US national exchange. It will be publicised as a gaming, lifestyle and media platform.
For you, the fans.
Our biggest announcement to date: FaZe Clan is going to become a publicly traded company. https://t.co/HaHJtFIglW pic.twitter.com/YNYLpvVIRo
— FaZe Clan (@FaZeClan) October 25, 2021
Initially launched in 2010, FaZe started off as a professional esports and subsequently branched out to entertainment, sports merchandise and digital content. It is widely popular among the millennial and Gen Z players. It has player base across the regions and covered many games including Call of Duty, Counter-Strike, PlayerUnknown’s Battleground, Tom Clancy’s Rainbow Six Seige, FIFA, Valorant, Fortnite Battle Royale and Rocket League. With that, it is said to have more than 350 million users and supporters.
The son of popular basketball celebrity, LeBron “Bronny” James Jr. is onboard FaZe as a member and will likely stream games under FaZe tag. The company has received fundings from various well known individuals such as media executive, Jimmy Iovine and popular rapper Pitbull. It also have a long list of content creators including Nickmercs and Simp under its belt.
FaZe Clan looks set to become the voice of youth as they create a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital world. The listing will help FaZe provide access to capital in the public markets and accelerate their expansion of their multi-platform and monetization strategy.