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.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...