FaZe Clan Inc. is partnering with a special-purpose acquisition company to go public and is valued at roughly $1 billion, the company announced Monday. A SPAC is a shell corporation that is listed on the stock exchange with the purpose of acquiring private companies.
FaZe Clan, a gaming collective founded in 2010 that also sells merchandise and produces digital content, is combining with B. Riley Principal 150 Merger Corp. The Wall Street Journal was the first to report the move.
FaZe Clan is raising $120 million through private investment in public equity as part of the deal, per the Wall Street Journal, and the B.