Published on 27 Sep 2022 on Market Watch
FaZe stock falls after filing for the sale of up to 70 million shares
Shares of FaZe Holdings Inc. fell 4.0% in premarket trading Tuesday, after the lifestyle and media platform filed for the sale of up to about 70.0 million common shares, as well as 173,333 warrants to buy stock. Of the total being offered, 5.9 million shares would be offered by the company and 64.0 million shares offered for resale by selling stockholders. Based on Monday's stock closing price of $14.75, the total number of shares being offered would be valued at up to about $1.03 billion, which compares with FaZe's market capitalization of $1.07 billion. The stock has run up 48.2% over the past three months while the S&P 500 has lost 6.3%.