Faze Clan has put up for sale its main package of shares

The founder and main investors of the esports organization Faze Clan have decided to sell their shares. This decision comes as a result of the company's poor performance on the stock market, as announced by a club representative on social media.

The organization plans to issue 5.92 million new shares and resell 46.98 million existing ones. Currently, over 51% of all issued club securities are registered for resale. This means that a new majority owner can take control of Faze Clan.

Faze Clan went public on the Nasdaq exchange in July 2022 and reached a peak market capitalization of $1.86 billion in August, with each share priced at $20. However, the company's financials started to decline, and in 2022, it incurred losses of $168.5 million, leading to a drop in share prices. Currently, their value is at $0.51.