FaZe down: FaZe Clan’s Nasdaq value drops nearly 30 percent on day it goes public

Nearly nine months after announcing plans to go public, FaZe Clan officially began trading on the Nasdaq today following the completion of a $725 million special purpose acquisition company (SPAC) merger.

With its deal with B. Riley Principal 150 Merger Corp (BRPM), a blank check company with which it merged, FaZe opened at $13.02 per share and began trading under the FAZE ticker. Within an hour, however, the stock price dipped 30 percent and has remained around that mark. At time of writing, FAZE is down more than 29 percent today.