Shares of esports company FaZe Holdings Inc FAZE are moving lower Tuesday after the company registered a new regulatory filing related to the issuance and resale of company shares.
The filing shows that FaZe Holdings may issue up to 5,923,333 shares of its common stock. The filing also relates to the resale by certain selling securityholders of up to 64,035,579 shares of common stock and up to 173,333 warrants to purchase shares of common stock.
FaZe Holdings made its public debut via SPAC in July. The stock rocketed higher after a large number of investors opted to redeem shares during the merger process. A total of 15,883,395 shares were redeemed for cash at a price of $10 per share during the merger, reducing the total float size by about 92%.
FaZe is a digital-native lifestyle and media platform rooted in gaming and youth culture.
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FAZE Price Action: FaZe Holdings has a 52-week high of $24.69 and a 52-week low of $7.88.
The stock was down 25% at $6.11 Tuesday morning, according to Benzinga Pro.
Photo: Sam Churchill from Flickr.
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