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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): September 9, 2023
FAZE HOLDINGS INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40083 |
|
84-2081659 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
720 N. Cahuenga Blvd.
Los Angeles, CA |
|
90038 |
(Address of principal executive offices) |
|
(Zip Code) |
(818) 688-6373
(Registrant’s telephone number, including
area code)
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
Common stock, par value $0.0001 per share |
|
FAZE |
|
The Nasdaq Stock Market |
Warrants, each whole warrant exercisable for one share of common stock |
|
FAZEW |
|
The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(b) Termination of Chief Executive Officer
On September 9, 2023, the Board of Directors (the
“Board”) of FaZe Holdings Inc. (the “Company”) took action to terminate Lee Trink from his position as Chief Executive
Officer of the Company, effective immediately. In accordance with the Company’s Corporate Governance Guidelines, as a result of
this termination, Mr. Trink is required to submit his resignation as a member of the Board.
(c) Appointment of Interim Chief Executive Officer
Concurrently, On September 9, 2023, the Board appointed
Christoph Pachler, the current Chief Operating Officer and Chief Financial Officer of the Company, to the role of Interim Chief Executive
Officer of the Company. In addition to this new role, Mr. Pachler will retain his existing role as Chief Operating Officer and Chief Financial
Officer of the Company. Biographical and other information about Mr. Pachler required by Item 5.02(c) of Form 8-K is included in the Company’s
proxy statement on Schedule 14A for its 2023 annual stockholders’ meeting filed with the Securities and Exchange Commission on May
1, 2023.
The appointment of Mr. Pachler to the role of Interim
Chief Executive Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships
between Mr. Pachler and any director or executive officer of the Company, and there are no transactions between Mr. Pachler and the Company
that would be required to be reported under Item 404(a) of Regulation S-K. Any compensation arrangements, or material changes to existing
arrangements, entered into with Mr. Pachler in connection with this appointment will be filed in an amendment to this Current Report on
Form 8-K within four business days of any such arrangements being finalized.
Item 7.01 Regulation FD Disclosure.
On September 10, 2023, the Company issued a press
release announcing executive leadership changes, which press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
The information furnished pursuant to this Item
7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated
by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth
in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
FAZE HOLDINGS INC. |
|
|
|
Date: September 11, 2023 |
By: |
/s/ Christoph Pachler |
|
|
Name: |
Christoph Pachler |
|
|
Title: |
Interim Chief Executive Officer |
2
Exhibit 99.1
FAZE CLAN ANNOUNCES LEADERSHIP TRANSITION
LOS ANGELES, CA (September 10, 2023) – FaZe Clan Inc.
(“FaZe Clan”), the lifestyle and media platform rooted in gaming and youth culture, reported that on September 9, 2023, the
Board of Directors (the “Board”) of FaZe Holdings Inc. (the “Company”) took action to terminate Lee Trink from
his position as Chief Executive Officer of the Company, effective immediately. In accordance with the Company’s Corporate Governance
Guidelines, as a result of this termination, Mr. Trink is required to submit his resignation as a member of the Board.
Concurrently, the Board appointed Christoph Pachler, the current Chief
Operating Officer and Chief Financial Officer of the Company, to the role of Interim Chief Executive Officer of the Company. In addition
to this new role, Mr. Pachler will retain his existing roles.
ABOUT FAZE HOLDINGS INC.
FaZe Holdings Inc. (Nasdaq: FAZE) (“FaZe
Clan”) is one of the most prominent and influential gaming organizations in the world. Created by gamers, for gamers, FaZe began
in 2010 by a group of internet kids who turned their passion into a successful career path and formed a die-hard community along the way.
Today, FaZe Clan represents a vast roster of creators who aim to inspire the next generation in making their dreams a reality.
FaZe Clan operates across multiple verticals designed
to reimagine gaming, sports, culture and entertainment. FaZe has partnered with blue-chip brands such as Porsche, GHOST, DraftKings and
McDonald’s, and record-breaking fashion and lifestyle collaborations featuring Nike, Takashi Murakami, Lyrical Lemonade, NFL, Champion
and more – all centered around its top-tier talent collective with gaming rooted at the core. Reaching over 500 million followers
across social platforms globally, FaZe Clan’s roster consists of world-class gamers, streamers, content creators and esports professionals
known for delivering disruptive, original content. Its gaming division houses 10+ competitive esports teams with titles including Call
of Duty, Counter-Strike, Halo, FIFA and more. With a combined total of over 40 world championships to date, FaZe has brought home dozens
of trophies with historic wins like the 2022 CS:GO PGL Antwerp Major, 2021 Call of Duty League Championship and 2023 CS:GO Intel Grand
Slam.
The content of any website referenced or
hyperlinked in this communication is neither incorporated into, nor part of, this communication. For more information, visit
www.fazeclan.com, investor.fazeclan.com and follow FaZe Clan on Twitter, Instagram, YouTube, TikTok, and Twitch.
FORWARD LOOKING STATEMENTS:
The information
in this communication includes “forward-looking statements” pursuant to the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995. All statements, other than statements of present or historical fact included
in this communication, regarding the company’s strategy, future operations and financial performance, market opportunity prospects,
plans and objectives of management are forward-looking statements. These forward-looking statements generally are identified by the words
“budget,” “could,” “forecast,” “future,” “might,” “outlook,” “plan,”
“possible,” “potential,” “predict,” “project,” “seem,” “seek,”
“strive,” “would,” “should,” “may,” “believe,” “intend,” “expects,”
“will,” “projected,” “continue,” “increase,” and/or similar expressions that concern strategy,
plans or intentions, but the absence of these words does not mean that a statement is not forward-looking. Such statements are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on the management’s belief or interpretation
of information currently available.
These forward-looking
statements are based on various assumptions, whether or not identified herein, and on the current expectations of management and are not
predictions of actual performance. Because forward-looking statements are predictions, projections and other statements about future events
that are based on current expectations and assumptions, whether or not identified in this communication, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to predict. Many factors could cause actual results and condition
(financial or otherwise) to differ materially from those indicated in the forward-looking statements. These forward-looking statements
are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee,
an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible
to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the company. Forward-looking
statements speak only as of the date they are made. While FaZe Clan may elect to update these forward-looking statements at some point
in the future, FaZe Clan specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as
representing FaZe Clan’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
###
CONTACTS:
Press: alana.battaglia@fazeclan.com
Investors: IR@fazeclan.com
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