B. Riley Principal 150 Merger Corp. (NASDAQ:BRPM) announced that at a special meeting today its shareholders have approved its combination with sports media platform FaZe Clan, which is expected to close Tuesday, July 19.
The SPAC’s press release did not disclose redemption figures, but the parties agreed in March to waive the deal’s $218 million minimum cash condition. The transaction included a $118 million PIPE at announcement and B. Riley Principal 150 later added a $10 bridge loan through an affiliate.
The combined company’s shares and warrants are expected to trade on the Nasdaq under the symbols “FAZE” and “FAZEW” beginning July 20.
The parties initially announced their $713 million combination with B. Riley Principal 150 Merger Corp. in October 2021. Los Angeles-based FaZe Clan runs a network of influencer talent and e-sports competitors that have amassed 120 million YouTube subscribers.
FaZe Clan will now be the second esports company to go public via a SPAC in recent years, following in the footsteps of Allied Esports, which closed a $217 million combination in August 2019.
FaZe Clan projected at the time of the deal’s announcement to generate $50 million in 2021. Both companies stand to benefit from the return of more live events coming out of the pandemic.
ADVISORS
- B. Riley Securities, Inc. is acting as capital markets advisor to BRPM and as sole placement agent on the PIPE.
- Citi is acting as lead financial advisor to FaZe Clan.
- M. Klein and Company and Evolution Media Capital are also serving as financial advisors to FaZe Clan.
- White & Case is acting as legal advisor to BRPM.
- Skadden, Arps, State, Meagher & Flom LLP is acting as legal advisor to FaZe Clan.
- McDermott Will & Emery acted as legal advisor to the PIPE placement agent.
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...