In a press release this morning, officials with the Hall of Fame Resort and Entertainment announced the company will go private — an initiative spearheaded by outgoing CEO Michael Crawford. This may mean work on the water park and hotel will resume soon. See official release below:
CANTON, Ohio — Hall of Fame Resort & Entertainment Company has announced that it has entered into a definitive merger agreement to be acquired by HOFV Holdings, LLC (the “Investor”), an investment vehicle affiliated with Industrial Realty Group, LLC (“IRG”). 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 $0.90 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…