The financial struggles of FaZe Clan in 2023 have received a lot of attention. It wasn't the first esports and gaming organization to be publicly listed on the Nasdaq market, but it was one of the most well-known.
But just nine months after becoming a special purpose acquisition company (SPAC) with B. Riley Principal 150 Merger Corp and becoming public on the Nasdaq, the price per share fell from $13 to the current $0.48. As a result, if FaZe's shares do not rise, they risk being delisted from the Nasdaq.
Despite growing sales, FaZe will ultimately disclose a $53.2 million net loss in its first year as a public company. FaZe Clan's professional teams have been doing well in their respective games despite all the commotion, and this is especially true of their CSGO squad.
The last CSGO major before the changeover to CS2, the Paris Major 2023, was attended by FaZe Clan. As usual, Valve produced stickers for players and teams to wear throughout the Major competition.
Fans have ironically noted that FaZe's glitter skins are now selling a little bit more than the organization's stock values. In fact, their Rio 2022 sticker, which is a rung above paper and the least expensive glitter sticker, is being sold for $0.48. It corresponds to the current price of FaZe shares.
But FaZe is not the only team doing this. Another publicly traded esports organization, Astralis, which has a CSGO squad, is offering $0.30 for each share. The majority of their Major stickers are also going for much more than that.
FaZe Clan is renowned at this moment. They are regarded as one of the greatest organizations in the scene, while avoiding the topic of the company's precarious financial situation in the background. They have a Major trophy and an Intel Grand Slam under their belt.
Recall that Knife and AK-47 CS:GO skins sold for $500,000 as the cost of CS:GO skins skyrockets. The most expensive gun skin in CS:GO has just sold for slightly under $500,000. The most costly skin in the game, excluding knives, is reportedly the well-known AK-47 Case Hardened skin with four Titan Holos from Katowice 2014.