Trading between GameSquare and FaZe will end in the fourth quarter of 2023. The founders of FaZe Clan will return to lead the organization in the future.
FaZe Clan was present on the Nasdaq Stock Exchange in July 2022 and was priced more than $ 1 billion. However, FaZe Clan's stock price has now dropped to $ 0.17.
The Council of Faze Clan and GameSquare both agreed through the merger. GameSquare will issue a mass sharing individually with investors to raise US $ 10 million through the sale of Gamesquare shares. According to DIGIDAY, if the agreement ends at the current market capitalization, the price of FAZE Clan will stop at about $ 16 million.
Richard 'Faze Banks' Bengston will be appointed as the CEO of FAZE Clan. Thomas 'Faze Temperrrr' Oliveira will be the president and Yousef 'FaZe Apex' will act as the company's operating director after the merger.
In recent years, FaZe Clan has faced countless controversy related to his famous content creators. Accordingly, FaZe Clan said that the salary paid to the content creator is the reason for the US $ 14 million loss in the second quarter of 2023.
After merging with FaZe Clan, GameSquare will become one of the largest electronic sports companies in the world, serving millions of audiences in all large markets and electronic sports. The acquisition takes place in the context of FAZE Clan is facing great financial difficulties. However, all will have to wait to see what Gamesquare performs the actions to optimize the famous famous activities of Faze Clan.
