FaZe Clan, which is an esports and entertainment company, announced today that it will become publicly traded through a SPAC deal with B.Riley Principal 150 Merger Corp. The company will trade on the Nasdaq under the ticker “FAZE”, and it will raise an estimated $291 million in transactions, valuing it at $1 billion once the deal closes.
FaZe Clan is also the leading esports team worldwide when it comes to user engagement, having over 16.5 million audiences on social media platforms.
FaZe Clan chief executive Lee Tring said that he would have never expected that he would get the opportunity to run a billion-dollar valued company but says that the brand is still in building mode.
Although FaZe Clan has the most audience on social media, it is not the highest earning team in the world at the moment. The top earner is Team Liquid, with $37.5 million, while UK-based team Fanatic is the fourth highest-earning esports team worldwide.