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Friday, January 27, 2023

B. Riley (NASDAQ: BRPM) Share Update Regarding its Proposed Business Merger with FaZe Clan

B. Riley Principal 150 Merger Corp. (NASDAQ: BRPM) has shared the update regarding its business merger with FaZe Clan Inc. The company has disclosed it has submitted with the U.S. SEC a registration statement on Form S-4 (the Registration Statement), which includes a preliminary proxy statement of BRPM.

The proposed business merger, was disclosed on October 25, 2021, has been unanimously authorized by the BRPM board of directors. This agreement is likely to close early in the second quarter of 2022, dependent on the authorization of BRPM shareholders. Moreover, the Registration Statement being declared valid by the SEC, and other regulatory and customary closing conditions.

Furthermore, after the termination of the proposed business combination, BRPM will change its name to “FaZe Holdings Inc.” The merged company’s common stock is anticipated to be listed on NASDAQ under the new ticker symbol “FAZE”. B. Riley Securities, Inc. is serving as BRPM’s capital markets advisor and sole deal agent on the $118 million private placement, which is conditional on the planned merger being completed (the PIPE).

In addition, FaZe has hired Citi as its principal financial advisor. Financial advisors to FaZe include M. Klein and Company and Evolution Media Capital. Moreover, White & Case is serving as legal advisor to BRPM. Skadden, Arps, State, Meagher & Flom LLP is serving as legal advisor to FaZe. McDermott Will & Emery is serving as legal advisor to the PIPE placement agent.

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