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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): May 19, 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 2.05 Costs Associated with Exit or Disposal Activities

 

On May 19, 2023, FaZe Holdings Inc. (the “Company”) announced a plan to restructure and reduce the Company’s workforce as a part of its strategy to lower its cost base, streamline its operations, and prioritize investments against high-value opportunities in light of the current macroeconomic and industry-specific challenges that continue to impact the Company. In connection with these actions, the Company expects to reduce its headcount by approximately 46 positions, which represents approximately 40% of the total workforce.

 

The Company estimates the expenses associated with the headcount reductions will result in annualized savings of approximately $6 million. The Company expects to incur aggregate charges of approximately $1.1 million, consisting primarily of employee severance and benefit costs associated with the restructuring. The Company expects that most of these charges will be cash expenditures and that it will recognize the majority of these charges in the second quarter of fiscal 2023. The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to unanticipated events that may occur as a result of, or that are associated with, its workforce reduction.

 

Item 7.01 Regulation FD Disclosure

 

A copy of an e-mail sent from Lee Trink, the Company’s CEO, to the Company’s employees regarding these actions is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by reference.

 

The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

 

Forward Looking Statements

 

This Current Report on Form 8-K contains forward-looking statements including, but not limited to, statements related to the expected benefits of and timing of the Company’s workforce restructuring plans, which are any predictions, projections or other statements about future events based on current expectations and assumptions that are subject to risks and uncertainties, which are described in our filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Email announcement to employees, dated May 19, 2023.
104   Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document).

 

1

 

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: May 19, 2023 By: /s/ Lee Trink
    Name: Lee Trink
    Title: Chief Executive Officer

 

 

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