Oct 27, 2021
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Faze Clan is going public in a deal valued at $1B

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Faze Clan, the youth-focused “gaming, lifestyle and media platform,” has announced plans to go public through a merger with a “special purpose acquisition company” that will give it an “implied equity valuation” of—get ready for it—approximately $1 billion.

That wild figure arises primarily from the way that Faze is going public. Special purpose acquisition companies are basically shell corporations that exist solely for the purpose of acquiring another company. These SPAC deals, as they’re known, are vehicles that enable private companies like Faze to go public without having to go through the slower and more regulated process of an initial public offering. Once the merger between the two companies is complete, the formerly private…

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