E-sports company FaZe Holdings Inc (NASDAQ:FAZE) confirmed that its founders and major investors are offering their shares for sale.
According to Insider Gaming, the Los Angeles-based organization, which has experienced a significant decline in its value since its public debut in July 2022, is expected to divest up to 62.5% of its outstanding shares.
Among the major stakeholders on the sell side are B. Riley CEO Lee Trink, FaZe’s founding members — Temperrr, Banks and Apex — and rapper Snoop Dogg, who is selling nearly 300,000 shares, as per TalkEsports.
However, the sale of these securities, or even the perception of such a sale, could further reduce the company’s already declining share price.
See Also: FaZe Clan Reportedly Mulling Private Exit After Only 8 Months On NASDAQ
FaZe Clan began trading on the NASDAQ last July. It peaked in August with a share price of over $20, and a market cap of $1.86 billion. Since then, its market cap plummeted to about $35.5 million.
Since February, FaZe’s stock has failed to surpass $1. The company’s net losses amount to roughly $168.5 million for the financial year.
Price Action: FaZe Holdings Inc is currently trading at $0.49, down 5.06% over the past 24 hours.
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