Hall of Fame Resort increases credit facility with CH Capital Lending to $15 million

Hall of Fame Resort & Entertainment Co (NASDAQ:HOFV) announced that on Thursday it entered into a Ninth Amendment to its Note and Security Agreement with CH Capital Lending, LLC, increasing its available credit facility from $14 million to $15 million. The amendment allows Hall of Fame Resort and its subsidiaries to request an additional $1 million for general corporate purposes, subject to certain restrictions.

CH Capital Lending is an affiliate of Stuart Lichter, a director of Hall of Fame Resort & Entertainment Co. The agreement was entered into by the company and its subsidiaries HOF Village Newco, LLC, HOF Village Retail I, LLC, and HOF Village Retail II, LLC.

This information is based on a statement in a press release filed with the Securities and Exchange Commission. The stock has experienced significant pressure, with a year-to-date decline of 34.62%.

In other recent news, Hall of Fame Resort & Entertainment Company has announced its decision to go private through an acquisition deal. The company has agreed to be acquired by HOFV Holdings, LLC, an affiliate of Industrial Realty Group, LLC. This transaction will involve HOFV Holdings, LLC purchasing all outstanding shares of the company’s common stock not already owned by IRG and its affiliates at a price of $0.90 per share in cash. The move has been unanimously endorsed by a Special Committee of independent directors and subsequently approved by the company’s Board of Directors. The board has recommended this acquisition to the shareholders, marking a significant transition for the company. These developments indicate a strategic shift as Hall of Fame Resort & Entertainment Company becomes a private entity.

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