FaZe clears important step in going public; two key hurdles remain

FaZe Clan is one step closer to going public after the SEC approved the merger between FaZe and B. Riley Principal 150 Merger Corp. (BRPM), which is a Nasdaq-listed special purpose acquisition company (SPAC). This comes after FaZe failed to complete the transaction by the initially planned closing date in Q1.

FaZe's completion of the business combination is crucial to the esports and gaming lifestyle organization’s business strategy, as it plans to use the capital provided by BRPM shareholders to finance its expansion and growth efforts.

FaZe and BRPM must clear two more critical hurdles to close the deal, with BRPM shareholders voting on the approval of the business combination during a special meeting on July 15. If at least 36% of shares join the SPAC’s sponsor and vote in favor of the merger, the company expects to close the deal shortly after the meeting, as it must be completed by July 25.

In addition to BRPM shareholder approval, FaZe and BRPM must satisfy all closing conditions for the merger to be realized, such as retaining enough funds in BRPM’s trust account after its shareholders get the option to withdraw their investment during the special meeting. -- Tobias Seck

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