FaZe Clan goes public via $725 million SPAC

FaZe Clan, one of the largest global gaming companies, began trading publicly on the Nasdaq Wednesday,

following its merger Tuesday with a blank check company called B.Riley Principal 150 Merger Corp.

Why it matters: It's one of the first gaming and entertainment companies targeted specifically toward Gen-Z consumers to go public.

The deal valued the company at $725 million, down slightly from initial third-party valuations that priced the combined company at about $1b.

The company brought in $53 million in revenue in 2021, up from $38 million in revenue in 2020.

Most of the company's revenues come from sponsorships, content production, consumer products and its esports competitions.

The company plans to use the money raised from its IPO to invest more heavily in web3 tools