Why did Snoop Dogg resign from FaZe Clan? Reason behind separation explored
American rapper Snoop Dogg has resigned from the board of directors of FaZe Clan after a year, according to a regulatory filing. Reportedly, his resignation wasn't due to any disagreement, and no particular reason was provided for his sudden departure. In March last year, following the Super Bowl reveal, FaZe invited Snoop Dogg to join their board and announced his appointment on social media as FaZe Snoop.
As part of this agreement, he received restricted-share awards consisting of approximately 320K shares of FaZe stock after the esports and entertainment organization officially went public.
Shortly after FaZe Clan announced the addition of Snoop Dogg to their board, the value of the rapper's stocks in the organization skyrocketed to $7.4 million last summer (from $3.9 million). However, the team has since faced numerous internal issues, including management disagreements and the departure of several key members.
As a result of the internal and financial struggles faced by the organization, FaZe Clan's stock value has taken a significant hit, with Tuesday's closing price of just 50 cents per share representing a massive 97.9% decrease in value from its peak.
Nasdaq issued a deficiency notice to the company, giving it 180 days to restore compliance. This entails maintaining a share price of over $1 for a continuous period of 10 business days. Failure to meet this requirement would result in the company being delisted from the exchange.
According to a report from Yahoo Sports, based on his seven months of service on FaZe Clan's board of directors and year-plus tenure as a member of the organization, the rapper's expected compensation would be around $53K.
The general sentiment around FaZe Clan's decision to part ways with the
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