Hall of Fame Resort enters merger pact to be acquired by HOFV Holdings
Hall of Fame Resort & Entertainment Company announced that it has entered into a definitive merger agreement to be acquired by HOFV Holdings, an investment vehicle affiliated with Industrial Realty Group. Stuart Lichter, a director of the company, is the Founder and President of IRG. Upon completion of the transaction, the company will become a privately held company. Under the terms of the agreement, the Investor will acquire all outstanding shares of the company's common stock not currently owned by IRG and its affiliates for 90c per share in cash. The agreement was unanimously approved and recommended to the Company's Board of Directors by a Special Committee consisting of independent and disinterested directors of the Board. Following the Special Committee's recommendation, the agreement has been approved by the Company's Board and recommended for approval by stockholders. The company also announced it has entered into a letter of intent with the investor that owns the waterpark property to enter into a new lease for the waterpark property and, following certain real estate transfers, the on-site hotel property and the stadium property. The parties are finalizing definitive terms for this Lease Restructuring, which is a big step toward restarting construction of the waterpark and the on-site hotel. Upon completion of the transaction, the company's common stock and warrants will no longer be listed on any public stock exchange.
