- FaZe Clan announced that its stockholders have voted to approve the proposed merger with GameSquare
- GameSquare and FaZe Clan will serve the largest audience in gaming with more than 1 billion social followers
- GameSquare management expects to realize more than $18 million in run-rate cost savings from the acquisition, catalyzed by reduced duplicate corporate costs and other cost savings
- GameSquare stock opened trading at C$2.06 per share and FaZe Holdings opened trading at $0.20 per share
FaZe Clan (NASDAQ:FAZE) announced that its stockholders have voted to approve the proposed merger with GameSquare (TSXV/NASDAQ:GAME).
GameSquare and FaZe Clan will serve the largest audience in gaming with more than 1 billion social followers, with a core focus on audiences in the 13-34 demographic and backing from brand partners.
Combined, the companies generated revenue of approximately $138 million and achieved a 26.3 per cent gross margin in 2022. GameSquare management expects to realize more than $18 million in run-rate cost savings from the acquisition, catalyzed by reduced duplicate corporate costs and other cost savings.
The merger requires the conversion of each FaZe Clan share into the right to receive 0.13091 shares of GameSquare common stock. GameSquare shareholders will own 55 per cent of the combined company upon closing, with FaZe Clan shareholders owning 45 per cent.
GameSquare’s stockholder vote will be held at 10 am ET, Feb. 27. FaZe Clan and GameSquare expect the transaction to close shortly after, subject to conditions.
GameSquare Holdings is an international gaming and esports company with headquarters in Toronto.
FaZe Holdings Inc. operates across multiple verticals designed to reimagine gaming, sports, culture and entertainment. FaZe has partnered with brands such as Porsche, Nike and McDonald’s. One of the world’s most prominent gaming organizations, FaZe boasts more than 500 million followers across social platforms. The company’s talent roster spans gamers, streamers, content creators and esports professionals, and includes more than 10 competitive esports teams with more than 40 world championships to date.
GameSquare stock opened trading at C$2.06 per share. The stock has fallen by 74.16 per cent over the past year.
FaZe Holdings opened trading at $0.20 per share. The stock is down by 67.66 per cent over the past year.
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