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WSJ News Exclusive | Youth-Focused Digital Platform FaZe Clan Nears $1 Billion SPAC Deal to Go Public

Backed by the singer Pitbull and other entertainment and sports celebrities, FaZe Clan targets Gen Z and millennial consumers.

10/25/2021 1:30:00 PM

Youth-focused FaZe Clan is close to a SPAC merger that would take it public at a $1 billion valuation. Its backers include Pitbull and sports stars.

Backed by the singer Pitbull and other entertainment and sports celebrities, FaZe Clan targets Gen Z and millennial consumers.

.Personalities who create content for FaZe Clan include professional athletes Kyler Murray and Ben Simmons. The singer Pitbull and several other sports and entertainment figures are among the company’s investors.As part of the SPAC deal, FaZe Clan is expected to raise about $120 million through a private investment in public equity, or PIPE, associated with the merger, the people said.

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Newsletter Sign-upMajor news in the world of deals and deal-makers.PREVIEWSUBSCRIBEThe B. Riley SPAC has about $170 million. Some or all of that money could also increase FaZe Clan’s cash proceeds from the deal. Because SPAC investors have the right to withdraw their money before a merger is completed, a SPAC’s cash pile can dwindle before a deal gets finished.

Low share prices often motivate investors to withdraw money.Such withdrawals have skyrocketedin recent months amid a share-price slump for many companies that merged with SPACs, making it more difficult for many companies to complete their blank-check mergers.

A SPAC is a shell firm that raises money and begins trading on a stock exchange to merge with a private company and take it public. The private company then replaces the SPAC in the stock market. SPAC deals have exploded in the past year, in part because they allow startups such as FaZe Clan to make business projections that aren’t allowed in traditional initial public offerings.

FaZe Clan projects this year’s expected sales of roughly $50 million will grow rapidly in the years ahead, the people said.SPACs were, then faded in popularity after many companies that went public this way struggled to meet their business targets. Read more: The Wall Street Journal »

American Music Awards 2021: The Full Winners List

The American Music Awards aired live from the Microsoft Theater in Los Angeles tonight at 8 p.m. ET/PT on ABC. Hosted by Cardi B, the star-studded awards show featured performances from BTS with Co…


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