B. Riley Principal 150 Merger Corp. (NASDAQ:BRPM) announced this afternoon that it has amended its merger agreement, waived the minimum cash condition, and entered into a bridge loan agreement in connection to its proposed merger with digital content platform FaZe Clan.
BRPM and FaZe Clan initially agreed to a $218 million overall minimum cash threshold supplemented by a $118 million PIPE at $10 per share. BRPM’s current trust holds $173 million after listing in February of 2021, and while the share price climbed post deal-announcement, even reaching a high of $15.74 in October, the price started to slip below its trust value along with the market since January of this year.
The 8-K also disclosed that an affiliate of BRPM, B. Riley Commercial Capital, LLC, entered into a bridge loan agreement with FaZe for $10 million. FaZe will receive a second advance a term loan in the principal amount of $10 million. The initial loan will be evidenced by a promissory note and accrues interest at a rate of 7% per year, compounded quarterly.
The term loan will be repaid in cash when the transaction closes. In the event the merger is terminated, the loan will become a secured convertible promissory note of FaZe, on substantially the same terms as the existing senior secured convertible promissory notes of Faze, in an aggregate principal amount equal to the outstanding principal balance, including capitalized interest, of the loan and the unpaid accrued interest.
BRPM initially announced its $713 million combination with FaZe Clan on October 25. Los Angeles-based FaZe Clan runs a network of influencer talent and e-sports competitors that have amassed 120 million YouTube subscribers and $50 million in annual revenue.
FaZe Clan recently welcomed entertainment icon Snoop Dogg to its board of directors as well as its newest talent member.


At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...