Hall of Fame Resort & Entertainment: A Letter to Our Shareholders from CEO Mike Crawford.

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October 6, 2021

Dear Shareholders of Hall of Fame Resort & Entertainment Company,

I am writing to you again to continue to provide transparency and clarity regarding some of the recent progress made by the Hall of Fame Resort & Entertainment Company (“HOFV” or “Company”), including developments on the funding of the construction, as well as progress in our three verticals.

First, we are pleased to announce that the Company has expanded its relationship with ERIEBANK, a division of CNB Bank, and entered into a non-binding term sheet for a senior secured loan facility (the “Facility” ) up to $ 25 million. ERIEBANK knows our business well thanks to the financing of our construction loan for the DoubleTree by Hilton in downtown Canton, a relationship which has proven to be aligned with our strategic initiatives, and which we are delighted to develop with this lender of quality.

According to the list of conditions, after an initial interest-only period, the Company will have the option of converting the loan into a 10-year mortgage (two options of five years each). Closure of the facility, which is expected to take place during the fourth quarter, is subject to various customary conditions. The finalization of the Facility will also allow us to move forward with other financing which depends on obtaining a senior loan facility. files and communications of interest from other lenders that we are pursuing to optimize our cap stack.

Our funding focus remains to provide the Company with increased financial flexibility and to support continued progress on the construction front. As we have said many times, we are focused on making “the right decisions”. to optimize the balance sheet to explore other means of financing the continued growth of our business units and of generating shareholder value now and in the future.

In this regard, in addition to the progress we are making in our debt financing initiatives, you may have seen the prospectus supplement that the Company filed with the Securities and Exchange Commission (“SEC”) on October 1, 2021 As mentioned in my last letter to shareholders, this filing has now been made in conjunction with our registration statement on set S-3. with Wedbush Securities, Inc. and Maxim Group LLC as co-agents. As a reminder, the registration process on the S-3 platform is another financial tool that offers the possibility of accessing the capital markets at a more balanced pace, when market demand and target prices make sense for the market. Society.

Second, we continue to focus on executing our game plan on a daily basis to drive short and long term growth. By continuing to make progress in our three lines of business (Destination Based Assets, Hall of Fame Village Media and Games), we are indeed executing our game plan.

  • Destination-based assets: Asset construction continues and we have seen tangible progress with the opening of our DoubleTree by Hilton Canton Downtown hotel in fall 2020 and the upcoming completion of the Constellation Center for Excellence (“CFE”). We are very close to obtaining the Certificate of Occupancy for the CFE, our 75,000 square foot mixed-use facility, which will complete on time and on budget, another example of the team’s ability to execute in this dynamic environment. The CFE should include a variety of research and programs focused on sports, office and retail spaces. The Retail Promenade, now known as “The Fan Engagement Zone”, has also seen significant progress, with vertical construction underway and the hope that it will be fully closed by the end of 2021. Equally, excitingly, the Center for Performance site has been cleared, the contractor has been hired, and construction is expected to begin in the near term. Less visible but no less critical is the ongoing infrastructure work required to support our construction of the on-site Hilton Tapestry hotel, also known as “the eleven, “and a football-themed indoor water park. Finally, the youth sports complex will see additional equipment for fans, athletes and coaches by the end of this year, while at the same time adding capacity improved terrain to host even larger events starting in Spring 2022. Please click on the following link for the latest aerial images of the progress in Hall of Fame Village powered by Johnson Controls: https: // youtu. be / BO5HTvgUTzQ
  • Hall of Fame Village Media: Our Media division continues to strive to tell compelling stories through our direct access to exclusive content and other strategic partnerships In conjunction with the second season of the NFL Alumni Academy taking place at the Tom Benson Hall of Fame Stadium, we’re excited to be working with WaV Sports and Entertainment to bring an Academy docu-series to life, including original stories from its aspiring pro athletes. In addition, production is moving forward in collaboration with Elite Team Holdings and NFL Films for “The perfect ten“, a one-of-a-kind documentary featuring the individuals who have both won a Heisman Trophy and been inducted into the Professional Football Hall of Fame. Our Non-Fungible Token (” NFT “) program has enabled us to” honor the Past “and help bring stories from legends like Earl Campbell, Tim Brown, Doak Walker, Shannon Sharpe, Marcus Allen and Joe Theismann to fans in this unique and experiential way with more legends to follow. I am very proud of the Sans preceding the quality of the content of the NFTs we have released and we look forward to continuing to develop the company’s program. Stay tuned for more exciting news regarding other projects the Media division has underway.
  • Games: The Gaming vertical has started to take shape through our Hall of Fantasy League (“HOFL”). The weekly front office recaps on Twitch really show the different ways this league can engage fans. Although the Atlanta Hot Wings are the last undefeated team, I wouldn’t count any of the teams just yet. I am also very pleased that we are starting to work with Esports Entertainment Group (“EEG”) on the design of the Helix Esports Center as part of the Fan Engagement Zone. We expect it to open in mid-2022. And we continue to closely monitor developments in Ohio’s sports betting law and what it means for our growing gaming vertical.

I couldn’t be more proud of our team’s efforts, and we remain excited about the progress we are making on all fronts. The company will continue to do things right with appropriate transparency, to ensure understanding of the decisions we make. for our business to develop in the short and long term. Thank you for your continued support, trust and confidence in us as a team. We are building a dynasty that our guests and fans can enjoy for decades to come. !

Disclaimer

Hall of Fame Resort & Entertainment Co. published this content on 06 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 06 October 2021 21:56:08 UTC.

Public now 2021

All news on HALL OF FAME RESORT & ENTERTAINMENT COMPANY
Sales 2021 16.0 million

Net income 2021 -130M

Net debt 2021

PER 2021 ratio -1.86x
Yield 2021
Capitalization 246 million
246 million
Capi. / Sales 2021 15.4x
Capi. / Sales 2022 3.05x
Number of employees 30
Free float 61.2%

Graphic HALL OF FAME RESORT & ENTERTAINMENT COMPANY
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Hall of Fame Resort & Entertainment Company Technical Analysis Table |  MarketScreener

Technical Analysis Trends HALL OF FAME RESORT & ENTERTAINMENT COMPANY

Short term Mid Road Long term
Tendencies Bearish Bearish Neutral

Evolution of the income statement

To sell

To buy

Average consensus SURPASS
Number of analysts 1
Last closing price

$ 2.58

Average price target

$ 5.00

Spread / Average target 93.8%


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