Esports Company FaZe Clan Valued at $1 Billion After SPAC Merger - NewsBreak

FaZe Clan says it's about to become a unicorn. The esports and gaming media company announced plans Monday to combine with a special purpose acquisition company (SPAC) in a deal to become a publicly traded entity — giving it an implied value of $1 billion, according to Variety. FaZe Clan, founded in 2010, said it combine with B. Riley Principal 150 Merger Corp. (BRPM), a blank-check company sponsored by an affiliate of B. Riley Financial. Estimated gross transaction proceeds will total $291 million, including $173 million in cash from BRPM's IPO proceeds held in trust (assuming no redemptions), and $118 million from committed private...