FaZe Clan
Documents about FaZe Clan
Cavs Legion Gaming Club Partners With SteelSeries, KontrolFreek
Cavs Legion Gaming Club, the official NBA 2K League affiliate of the Cleveland Cavaliers, has entered into a strategic partnership with gaming peripherals manufacturer SteelSeries and its subsidiary brand, KontrolFreek.
- Cavs Legion Gaming Club, the NBA 2K League affiliate of the Cleveland Cavaliers, has entered into a partnership with gaming peripherals company SteelSeries and its brand, KontrolFreek.
- Under the agreement, SteelSeries and KontrolFreek will supply their headsets and performance gaming gear to the Cavs Legion Lair training facility in downtown Cleveland, Ohio.
- Financial terms of the partnership deal were not disclosed by either party.
FaZe Clan Prepares for Reverse Stock Split to Regain Nasdaq Compliance
FaZe Clan is seeking stockholder approval for a reverse stock split to regain compliance with Nasdaq listing requirements.
- FaZe Clan is seeking stockholder approval for a reverse stock split at a 20:1 or 30:1 ratio to regain compliance with Nasdaq’s $1.00 minimum bid price requirement.
- The company was issued a non-compliance notice by the Nasdaq Listing Qualifications Department on March 23, 2023, and must maintain a closing price of at least $1.00 for 10 consecutive trading days by September 19, 2023.
- Stockholders will vote on the reverse stock split, the re-election of board members, and the appointment of Marcum LLP as the independent accounting firm during the annual meeting scheduled for June 13, 2023.
Nasdaq is Having Trouble With Yet Another Esports Company
Mobile Global Esports, a company focused on the Indian collegiate esports market, has fallen out of compliance with Nasdaq listing requirements.
- Mobile Global Esports has received a Nasdaq non-compliance notification after its share price remained below the $1.00 minimum threshold for more than 31 consecutive days.
- The company has until October 9, 2023, to regain compliance by maintaining a closing share price of at least $1.00 for 10 consecutive trading days, or it faces potential delisting.
- Mobile Global Esports has generated zero revenue since its inception in March 2021, resulting in net losses of $262,000 in 2021 and $1.29 million in 2022.
FaZe Clan Signs All-Women Roster for VCT Game Changers
In March 2023, FaZe Clan officially entered the competitive Valorant landscape by signing its first all-female professional roster.
- FaZe Clan signed its first all-female professional esports roster to compete in the 2023 Valorant Champions Tour (VCT) Game Changers Series.
- The roster consists of players Jennifer “refinnej” Le, Emma “emy” Choe, Vannesa Emely “panini” Emory, Madison “maddiesuun” Mann, and Diane “di^” Tran.
- The team previously competed together under the name Hamboigas during the 2022 Champions Tour Game Changers Series III: North America.
Staff Cuts Hit IGC’s Immortals
In February 2023, the esports organization Immortals implemented a round of staff layoffs.
- Immortals, a subsidiary of Immortals Gaming Club (IGC), conducted a round of staff layoffs on February 15, 2023.
- Company executives have declined to disclose the specific number of employees affected by the staff reductions.
- Immortals Gaming Club’s broader portfolio includes the Los Angeles Valiant (Overwatch League), the Brazilian organization MIBR, and the platform Gamers Club.
FaZe Clan Cuts 20% of Staff
Los Angeles-based esports organization FaZe Clan initiated a workforce reduction of 20% in early 2023 as part of a broader corporate restructuring.
- FaZe Clan has laid off 20% of its workforce as part of a corporate restructuring plan that began in December 2022.
- CEO Lee Trink attributed the layoffs to a shift in the economic environment compared to the company's IPO period, necessitating a move toward greater financial discipline.
- Despite the workforce reduction, FaZe Clan expects to report over 25% revenue growth for the 2022 fiscal year when full financials are released in March.
FaZe Clan Partners With Porsche in Multi-Year Deal
FaZe Holdings and the German luxury automotive manufacturer Porsche AG have entered into a multi-year partnership, marking a significant expansion of the esports organization’s brand portfolio.
- FaZe Holdings and Porsche AG have entered into a multi-year partnership, with the deal brokered by the talent agency UTA.
- Porsche will serve as the official partner for all of FaZe Clan’s current esports teams.
- The collaboration includes the production of a content series featuring key FaZe Clan members sharing success stories while promoting Porsche’s luxury vehicle line.
FaZe Clan Promotes Rana Kaplan to General Manager
FaZe Holdings, a publicly traded esports organization, announced a significant leadership restructuring in January 2023 to support its strategic expansion.
- FaZe Holdings (Nasdaq: FaZe) promoted long-time Chief of Staff Rana Kaplan to the role of general manager in January 2023.
- Rana Kaplan joined FaZe Clan in early 2018 and previously held roles at Walt Disney Television, Universal Music Group, EMI Music Group, Capitol Music Group, and Warner Music Group.
- FaZe Clan announced five additional executive appointments: Summer Martin (VP of content operations), Stash Slionski (executive producer), Vera Salamone (VP of talent), Brooke Grant (head of Web3), and Laura Ryk (head of creative operations).
Award-Winning Producer Bill McCullough Leaves FaZe Clan to Join XFL
Bill McCullough, an 11-time Emmy Award-winning producer, has transitioned from his role as Executive Vice President of content at FaZe Clan to become the Chief Content Officer for the XFL.
- Bill McCullough, an 11-time Emmy Award-winning producer, has been appointed as the new chief content officer for the XFL.
- McCullough departed his role as EVP of content at FaZe Clan in October 2022 after a two-year tenure with the esports organization.
- During his time at FaZe Clan, McCullough oversaw the production of various content formats, including documentaries, podcasts, and the reality-based talent search show 'Faze1'.
DDM Games Investment Review Q4 2023 Executive Summary Report
Digital Development Management (DDM) provides a comprehensive analysis of global video game investments, mergers and acquisitions (M&A), and initial public offerings (IPOs) for the full year and fourth quarter of 2023.
- The $81.1 billion total transaction value for 2023 was heavily skewed by Microsoft’s $68.7 billion acquisition of Activision Blizzard, which represented 85% of the year's total volume.
- Excluding the Microsoft-Activision deal, M&A activity reached its lowest value since 2020 at $8.0 billion, while pure investments fell 69% year-over-year to $4.4 billion.
- Blockchain and eSports sectors experienced significant downturns, with blockchain investments dropping 72% in value and eSports valuations plummeting, as evidenced by FaZe Clan’s acquisition for $17 million.
ReKTGlobal Owner Infinite Reality Plans Nasdaq Listing in Early 2023
Metaverse company Infinite Reality announced plans to become a publicly traded entity in early 2023 through a definitive business combination agreement with the Nasdaq-listed special purpose acquisition company (SPAC) Newbury Street Acquisition Corporation.
- Metaverse company Infinite Reality plans to go public in Q1 2023 through a merger with the Nasdaq-listed SPAC, Newbury Street Acquisition Corporation (NBST).
- The merger is projected to generate $128 million in proceeds and establish a combined company with an equity value of $1.85 billion.
- Upon completion of the deal, the SPAC will be renamed Infinite Reality, Inc., with its stock, warrants, and units expected to trade on the Nasdaq.
Three Marketing Executives Quietly Exited FaZe Clan
Between July and October 2022, FaZe Clan experienced the quiet departure of three key marketing executives.
- Three marketing executives quietly departed FaZe Clan between July and October 2022, following the earlier resignation of Chief Strategy Officer Kai Henry and the May 2022 exit of CFO Amit Bajaj.
- Xavier Ramos, the former SVP head of marketing, left FaZe Clan in September 2022 to join Interscope Records as executive VP of pop & rock marketing.
- Bo Wolfe, who served as VP of consumer products, exited FaZe Clan in October 2022 to become a marketing coordinator at Interscope Records.