FaZe Clan has gone public in £607million deal
FaZe Clan has officially gone public on the Nasdaq Stock Market in a deal evaluating at £607million ($725million).As reported by Axios, the gaming company officially began trading publicly on Nasdaq yesterday (July 20) shortly after its SPAC (Special-purpose acquisition company) merger with B.Riley Principal 150 Merger Corp.According to the publication, this is the first gaming company targeted at Gen-Z (those born between the late ’90s and early ‘2010s) consumers to go public and will now go on to trade under the name “FAZE”.The deal of £607million ($725million) is lower than the original one billion dollar valuation that was reported last year when the merger was announced.FaZe Clan is officially a publicly traded company. $FAZE pic.twitter.com/QjrOhJ9ffx— FaZe Clan (@FaZeClan) July 20, 2022However, after FaZe Clan officially went public, it was reported by PC Gamer that the deal prompted an immediate selloff of FaZe stock, as well as a 25 per cent decrease in its valuation on the first day.“I understand why other companies have been criticised for going public via the SPAC vehicle.