Snoop Dogg Drops The Mic On Faze Clan: Gaming Team's Future Hazy As The Smoke Clears

Legendary rapper and entrepreneur, Snoop Dogg, also known as Calvin Broadus Jr., has resigned from his position on the Board of Directors at FaZe Clan FAZE, the prominent North American esports organization. The company disclosed this information in a filing with the Securities and Exchange Commission (SEC).

Effective immediately, Snoop's departure from the board implies that he will no longer be affiliated with the organization in any capacity.

See also: The Rise And Fall Of FaZe Clan's Stock: Esports' Most Influential In Penny Stock Territory

"On March 29, 2023, Calvin 'Snoop Dogg' Broadus, Jr. notified FaZe Holdings Inc. that he is resigning from the Board of Directors of the Company effective immediately. Mr. Broadus’s resignation was not the result of any disagreement with the Company or any of its subsidiaries," the document says.

Snoop joined FaZe Clan, one of the most prominent figures in the gaming, music, sports, and entertainment industries, as a content creator and board member in March 2022. However, the past year has seen significant changes for the company since its initial public offering in the summer of 2022.

On Aug. 30, 2022, FaZe Clan's shares peaked at $24.69, but the company's fortunes took a sharp turn for the worse, with its stock plummeting to $0.37 on March 10, 2023.

FaZe Clan's current market cap is valued between $30 million and $40 million, which pales in comparison to the company's previous valuation of $1 billion. Additionally, the company recorded a significant overall loss in its 2022 financial statement.

Moreover, the organization is facing a potential delisting from the NASDAQ, after the stock exchange announced that the company's stock could be removed if its value does not remain above $1 for ten consecutive days. The announcement was made in late March, and FaZe Clan has been given 180 days to comply. Apparently, FaZe is considering a move to go private, and facing difficulties in its effort to do so.

Price Action: Shares of FaZe fell by 1.17%  on Wednesday, to close at $0.49.

Next: Could The Hype Around eSports Be Fading? Find Out Why Some Experts Think So

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