Based in Los Angeles FaZe stocks inc FAZEthe leading esports and entertainment organization, has suffered a significant drop in value since its public debut in July 2022.

Founded in 2010 as a gaming clan for Activision Blizzard Inc‘S ATVI “Call of Duty”, FaZe has evolved into a lifestyle brand and now represents some of the most prominent figures in the gaming, music, sports and entertainment industries. In particular, the organization has partnerships with major brands such as Coke, Microsoft, Sony’s PlayStation and MC Donalds.

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However, after According to Sports Business Journal, FaZe is considering a move into privacy and faces difficulties in doing so.

In its most recent quarterly filing, the company said it had $43.9 million in cash, which the company expects to receive by November of this year.

Still, sources told Sports Business Journal that FaZe needs between $40 million and $60 million in funding to restructure the company. This endeavor has proven challenging given the current state of the esports ecosystem. The industry has experienced a funding drought more recently, as numerous companies either went bust or underwent significant layoffs.

FaZe Clan’s current market cap is estimated to be between $30 million and $40 million, which pales in comparison to the company’s previous valuation of $1 billion. On August 30, 2022, FaZe Clan shares peaked at $24.69, but the company’s fortunes took a sharp turn for the worse when the stock plummeted to $0.37 on March 10, 2023. FaZe is trading at $0.64 on Monday, down 3.71% at press time.

FaZe Clan’s extended sub-$1 trading period results in non-compliance with NASDAQ regulations.

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