en.wikipedia.org/wiki/FaZe_Clan
3 corrections found
Nasdaq: FAZE
FaZe no longer trades on Nasdaq under the ticker FAZE. Nasdaq says FAZE's last trading date was March 7, 2024, and trading was suspended effective March 11, 2024 after the GameSquare merger.
Full reasoning
This ticker information is out of date. Nasdaq's own corporate-actions notice for the GameSquare/FaZe merger says FaZe Holdings' common stock symbol FAZE had its last trading date on March 7, 2024 and was suspended effective March 11, 2024. GameSquare's merger announcement likewise said FaZe's common stock and warrants would cease trading after the acquisition closed. So listing FaZe as currently "Traded as Nasdaq: FAZE" is incorrect.
2 sources
- Equity Corporate Actions Alert #2024 - 117 (UPDATED: Effective date) Information Regarding the Merger of FaZe Holdings Inc. (FAZE/W)
The merger closed on March 7, 2024... Symbol: FAZE Last Trading Date: March 7, 2024... Marketplace Effective Date for Suspension: March 11, 2024.
- GameSquare Announces Completion of Faze Clan Acquisition
As a result of the merger, and effective as of the close of trading on March 8, 2024, FaZe's common stock (NASDAQ:FAZE) and FaZe warrants (NASDAQ:FAZEW) will cease trading.
their monthly revenue was estimated to be $40 million.
The $40 million figure was an annual revenue estimate, not a monthly one. Forbes' 2020 esports valuation report lists FaZe Clan's 'Estimated Revenue' as $40 million for the year.
Full reasoning
This sentence misstates Forbes' estimate by changing annual revenue into monthly revenue. In Forbes' 2020 ranking of esports companies, FaZe Clan is listed with "Estimated Revenue: $40 million" and the methodology says the revenue figures in the table are estimates for 2020. That means the estimate was for the full year, not for a single month.
1 source
- The Most Valuable Esports Companies 2020
FaZe Clan Value: $305 million ... Estimated Revenue: $40 million ... Revenue is an estimate for 2020.
On June 19, Richard "FaZe Banks" Bengtson acquired 25.5% in FaZe Media from GameSquare.
The transaction date is wrong. GameSquare's SEC filings say the sale agreement was entered on June 17, 2024, with the first tranche issued that same day; GameSquare announced the deal publicly on June 18, 2024.
Full reasoning
The article puts this acquisition on June 19, 2024, but GameSquare's filings give earlier dates. In its 2024 Q3 10-Q, GameSquare states that it entered into an agreement on June 17, 2024 to sell 5,725,000 shares of Series A-1 Preferred Stock of FaZe Media to M40A3 LLC in exchange for $9.5 million, with the first 2,862,500-share tranche issued on June 17, 2024 and the second on August 15, 2024. GameSquare also publicly announced the sale on June 18, 2024. Those records contradict a June 19 acquisition date.
2 sources
- GameSquare Holdings, Inc. Quarterly Report on Form 10-Q (Q3 2024)
On June 17, 2024, the Company entered into an agreement to sell 5,725,000 of its 11,450,000 shares of Series A-1 Preferred Stock of Faze Media to M40A3 LLC... The first 2,862,500 share tranche was issued on June 17, 2024... the remaining 2,862,500 was issued on August 15, 2024.
- GameSquare Sells 25.5% Interest in FaZe Media for $9.5 Million
Published June 18, 2024. GameSquare today announces that it has sold a 25.5% interest in FaZe Media for $9.5 million to an entity controlled by FaZe Media's CEO FaZe Banks.