Hall of Fame Resort & Entertainment Company Announces Pricing of Upsized $30.0 Million Underwritten Public Offering
10 February 2021 - 1:47PM
Business Wire
Hall of Fame Resort & Entertainment Company (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
upsized public offering of 12,244,897 shares of common stock at a
price of $2.45 per share. Gross proceeds, before underwriting
discounts and commissions and estimated offering expenses, are
expected to be approximately $30.0 million.
Maxim Group LLC is acting as the sole book-running manager in
connection with the offering.
The Company also has granted to Maxim Group LLC a 45-day option
to purchase up to an additional 1,836,734 shares of common stock,
at the public offering price less discounts and commissions. The
offering is expected to close on or about February 12, 2021,
subject to customary closing conditions.
The offering is being conducted pursuant to the Company's
registration statements on Form S-1 (File Nos. 333-252807 and
333-252922), previously filed with the Securities and Exchange
Commission (“SEC”) that have become effective. 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, including in
the Registration Statements. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210209006319/en/
Media/Investor: For Hall of Fame Resort &
Entertainment Company Media Inquiries: public.relations@hofreco.com
Investor Inquiries: investor.relations@hofreco.com
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