The American rapper and businessman Snoop Dogg resigned from the board of directors of FaZe Clan, an electronic sports company, according to the Esports Insider portal. In March, Nasdaq warned FaZe Clan about a possible delisting of shares.
Snoop Dogg joined the company as a board member and content writer in March 2022. At this point, FaZe was preparing for an initial public offering, the partnership appeared to be mutually beneficial, the newspaper writes. The company itself reported that the rapper’s departure is not associated with any disagreement.
In 2023, the organization faced financial difficulties, its shares collapsed many times. Where before the paper was trading at $18 per share, now the cost fluctuates around $0.5. In this regard, FaZe had to lay off about 20% of its employees.
In late March, Nasdaq gave the company 180 days to meet conditions that would allow it to avoid delisting. According to the site’s requirements, FaZe shares must cost more than $1 for 10 consecutive days.
FaZe Clan was founded in 2010 in the US and its teams regularly participate in the world’s largest cyber competitions. In 2019, famous American artists, athletes and some actors invested in the company. Among them are rappers Swae Lee and Pitbull.
Snoop Dogg previously co-founded a blockchain-based live streaming service. The Schiller application will use Web3 technologies, content authors will be able to receive monetization without intermediaries.
Author:
Natalia Gormaleva
Source: RB
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