CANTON,
Ohio, Oct. 11, 2023 /PRNewswire/ -- Hall of
Fame Resort & Entertainment Company ("HOFV" or the
"Company"), the only resort, entertainment and media company
centered around the power of professional football today announced
the pricing of its previously announced underwritten public
offering of 750,000 shares of common stock and accompanying
warrants to purchase 750,000 shares of common stock. Each share of
common stock is being sold together with one warrant at a combined
effective offering price of $3.75.
The warrants will be immediately exercisable at a price of
$3.75 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. HOFV has granted the
underwriters a 45-day option to purchase up to an additional
112,500 shares of common stock and/or additional warrants to
purchase up to 112,500 shares of common stock.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The gross proceeds of the offering are expected to be
approximately $2.8 million before
deducting underwriting discounts and commissions and estimated
offering expenses. This offering is expected to close on or about
October 13, 2023, subject to
customary closing conditions. Hall of Fame Resort &
Entertainment Company intends to use the net proceeds from this
offering for general corporate purposes, including the potential
repayment of indebtedness.
The Offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-259242) previously
filed with the U.S. Securities and Exchange Commission ("SEC"), and
which was declared effective on September
14, 2021. The shares may be offered only by means of the
written prospectus supplement and the accompanying prospectus that
form a part of the registration statement. A preliminary prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the public offering have been filed with
the SEC and are available on the SEC's website at www.sec.gov.
Copies of the preliminary prospectus supplement and accompanying
prospectus relating to the public offering may also be obtained by
contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor,
New York, NY 10022, Attention:
Prospectus Department, or by telephone at (212) 895-3745 or by
email at syndicate@maximgrp.com. Before you invest, you should read
the preliminary prospectus supplement and accompanying prospectus,
together with the information incorporated therein, for more
complete information about HOFV and the proposed offering. The
final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Hall of Fame Resort & Entertainment Company
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 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
Safe Harbor
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words and phrases such
as "opportunity," "future," "will," "goal," "enable," "pipeline,"
"transition," "move forward," "towards," "build out," "coming" and
"look forward" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements are not
guarantees of future performance, conditions, or results, and
involve a number of known and unknown risks, uncertainties,
assumptions, and other important factors, many of which are outside
the Company's control, which could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors that may affect actual results or
outcomes include, among others, the Company's ability to manage
growth; the Company's ability to execute its business plan and meet
its projections, including obtaining financing to construct planned
facilities; potential litigation involving the Company; changes in
applicable laws or regulations; general economic and market
conditions impacting demand for the Company's products and
services, and in particular economic and market conditions in the
resort and entertainment industry; the effects of the ongoing
global coronavirus (COVID-19) pandemic on capital markets, general
economic conditions, unemployment and the Company's liquidity,
operations and personnel; increased inflation; the inability to
maintain the listing of the Company's shares on Nasdaq; and those
risks and uncertainties discussed from time to time in our reports
and other public filings with the SEC. The Company does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hall-of-fame-resort--entertainment-company-announces-pricing-of-2-8-million-public-offering-of-common-stock-and-warrants-301953635.html
SOURCE Hall of Fame Resort & Entertainment Company