B. Riley Principal 150 Merger Corp. (BRPM) Shareholders Approve FaZe Clan Deal
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.