Hall of Fame Resort & Entertainment Company Announces Pricing of $25.0 Million Underwritten Public Offering
November 16 2020 - 9:20AM
Business Wire
Hall of Fame Resort & Entertainment Company (“HOFV” or the
“Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment
and media company centered around the power of professional
football and owner of the Hall of Fame Village powered by Johnson
Controls (the “Destination”), today announced the pricing of an
underwritten public offering of 17,857,142 units at a price of
$1.40 per unit. Each unit consists of one share of common stock and
one warrant to purchase one share of common stock. Gross proceeds,
before underwriting discounts and commissions and estimated
offering expenses, are expected to be approximately $25.0
million.
The warrants will be immediately exercisable at a price of $1.40
per share of common stock and will expire five years from the date
of issuance. The shares of common stock and the accompanying
warrants, can only be purchased together in the offering, but will
be issued separately and will be immediately separable upon
issuance. The offering is expected to close on or about November
18, 2020, subject to customary closing conditions.
Maxim Group LLC is acting as the sole book-running manager in
connection with the offering.
HOFV also has granted to Maxim Group LLC a 45-day option to
purchase up to an additional 2,678,571 shares of common stock
and/or warrants to purchase up to an additional 2,678,571 shares of
common stock, at the public offering price less discounts and
commissions.
The offering is being conducted pursuant to the Company's
registration statement on Form S-1 (File No. 333- 249133), as
amended, previously filed with and subsequently declared effective
by the Securities and Exchange Commission (“SEC”). A final
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to this
offering, when available, may be obtained from Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York, NY 10174, at (212)
895-3745.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About the Hall of Fame Resort & Entertainment
Company
The Hall of Fame Resort & Entertainment Company (NASDAQ:
HOFV, HOFVW) is a resort and entertainment company leveraging the
power and popularity of professional football and its legendary
players in partnership with the Pro Football Hall of Fame.
Headquartered in Canton, Ohio, the Hall of Fame Resort &
Entertainment Company is the owner of the Hall of Fame Village
powered by Johnson Controls, a multi-use sports, entertainment and
media destination centered around the Pro Football Hall of Fame's
campus. Additional information on the Company can be found at
www.HOFREco.com.
Forward-Looking Statements Disclaimer Statement
This communication contains “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 about us that involve substantial risks and
uncertainties. In some cases, you can identify forward-looking
statements because they contain words such as “anticipate,”
“believe,” “contemplate,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “going to,” “intend,” “may,” “outlook,”
“plan,” “potential,” “predict,” “project,” “propose”, “should,”
“target,” “will,” or “would” or the negative of these words or
other similar terms or expressions. Forward-looking statements in
this communication include, but are not limited to, statements
about: the benefits of the business combination; the future
financial performance of the Company‘s following the business
combination; changes in the market in which the Company competes;
expansion and other plans and opportunities; the effect of the
COVID-19 pandemic on the Company’s business; the Company’s ability
to raise financing in the future; the possibility of sports betting
becoming legal in Ohio; and the Company‘s ability to maintain the
listing of its common stock on Nasdaq following the business
combination. These statements are based on the current expectations
of the Company’s management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties and the Company’s business and actual results may
differ materially. These risks and uncertainties include, but are
not limited to the inability to recognize the anticipated benefits
of the business combination; costs related to the business
combination; the Company’s ability to manage growth; the Company’s
ability to execute its business plan and meet its projections;
potential litigation involving the Company; changes in applicable
laws or regulations; the potential adverse effect of the COVID-19
pandemic on capital markets, general economic conditions,
unemployment and the Company’s liquidity, operations and personnel.
Additional information and “Risk Factors” are available in other
filings that we make from time to time with the SEC, included in
the Registration Statement. In addition, the forward-looking
statements in this communication relate only to events as of the
date on which the statements are made and are based on information
available to us as of the date of this communication. We undertake
no obligation to update any forward-looking statements made in this
communication to reflect events or circumstances after the date of
this communication.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201116005730/en/
Media/Investor Contacts: For Hall of Fame Resort &
Entertainment Company Media Inquiries: public.relations@hofreco.com
Investor Inquiries: investor.relations@hofreco.com
Hall of Fame Resort and ... (NASDAQ:HOFV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hall of Fame Resort and ... (NASDAQ:HOFV)
Historical Stock Chart
From Apr 2023 to Apr 2024