FaZe Clan, one of the first gaming and entertainment companies targeted specifically towards Gen-Z consumers, has just started trading publicly on the Nasdaq exchange, Axios is reporting.
The company began trading publicly following its merger earlier this week with a special-purpose acquisition company or SPAC called B.Riley Principal 150 Merger Corp.
The deal valued the company at $725 million, down slightly from initial third-party valuations that priced the combined company at about $1 billion.
FaZe Clan first announced its intention to go public in October 2021, with the goal of expanding its revenue sources and international presence.
FaZe Clan is officially a publicly traded company. $FAZE pic.twitter.com/QjrOhJ9ffx
— FaZe Clan (@FaZeClan)
Despite the current market conditions and the threat of new SPAC regulation, FaZe Clan CEO Lee Trink said he feels confident going public via a SPAC was the right decision for his company.
“We’ve placed ourselves in the top echelon of a youth culture company,” Trink said. “And now, and not just this minute, we have started to shift our focus to monetizing that massive audience. I think that’s really critical for this moment of going public.”
The company plans to use the money raised from its IPO to invest more heavily in web3 tools and experiences to better connect audiences to its network of lifestyle and gaming creators.
The new company is listed on the Nasdaq under the ticker FAZE, opening at around $13 per share.
