CANTON,
Ohio, Oct. 13, 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 closing 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 was sold together with one warrant at a combined
effective offering price of $3.75.
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, of which
the underwriter partially exercised its option and purchased an
additional 40,000 warrants.
Maxim Group LLC acted as sole book-running manager for the
offering.
The gross proceeds of the offering were approximately
$2.8 million before deducting
underwriting discounts and commissions and estimated offering
expenses. The Company intends to use the net proceeds from this
offering for general corporate purposes, including the potential
repayment of indebtedness.
The offering was 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"),
which was declared effective on September
14, 2021. The final terms of the offering are disclosed in a
final prospectus supplement, as amended and supplemented on
October 13, 2023, which has been
filed with the SEC. Copies of the final prospectus supplement and
accompanying prospectus relating to the 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 email at
syndicate@maximgrp.com or telephone at (212) 895-3745.
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 "intends," "potential," "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.
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SOURCE Hall of Fame Resort & Entertainment Company