Gordon Pointe Acquisition Corp. Announces Increase in Additional Contribution to Trust Account Post-Extension Approval

NEW YORK and NAPLES, Fla., May 11, 2020 /PRNewswire/ -- Gordon Pointe Acquisition Corp. (Nasdaq: GPAQ) ("GPAQ") previously announced that it will hold a special meeting of stockholders (the "Special Meeting") on Thursday, May 14, 2020 at 9:00 A.M. Eastern to vote on a proposal to further extend the deadline to consummate its initial business combination from May 14, 2020 to June 15, 2020, plus an option for GPAQ to further extend such date for an additional 30 days to July 15, 2020 (the "Extension").

GPAQ today announced that the amount being contributed to the trust account established in connection with GPAQ's initial public offering is being increased from $0.03 to $0.04 for each share of GPAQ's common stock issued in its initial public offering (each, a "Public Share") that is not redeemed in connection with the stockholder vote to approve the extension of the deadline to June 15, 2020, plus GPAQ is increasing the additional amount being contributed to the trust account if GPAQ elects to further extend the deadline for 30 days from $0.03 to $0.04 per Public Share. GPAQ's sponsor has agreed to contribute such amounts as a loan to GPAQ (the "Contribution"). The amount of the Contribution will not bear interest and will be repayable by GPAQ to its sponsor upon consummation of GPAQ's initial business combination.

The deadline for GPAQ's public stockholders to exercise their redemption rights is 5:00 P.M. Eastern on Tuesday, May 12, 2020. 

As of March 31, 2020, GPAQ had approximately $38.0 million in its trust account, or approximately $10.76 per Public Share.

The Contribution will increase the pro rata portion of the funds available in the trust account in the event of the consummation of a business combination or liquidation from approximately $10.76 per Public Share to approximately $10.84 per Public Share, assuming GPAQ takes the additional 30-day extension through July 15, 2020.  The Contribution  is conditioned  upon  the implementation of the Extension.  If the Extension is implemented, GPAQ's sponsor will make the first Contribution on or before May 14, 2020 and, if GPAQ elects to further extend the deadline for an additional 30 days, the second Contribution will be deposited in the trust account within two business days prior to the beginning of such 30-day period.

About Gordon Pointe Acquisition Corp.

GPAQ is a special purpose acquisition company formed by Mr. James Dolan. GPAQ raised $125 million in its initial public offering in January of 2018. Additional information can be found at www.gordonpointe.com.

About HOF Village, LLC

Johnson Controls Hall of Fame Village, a development of HOF Village, LLC is a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus in Canton, Ohio. It provides a themed sports, entertainment and media venue to capitalize on the popularity and fandom associated with professional football and its legendary players. HOF Village, LLC was founded by the Pro Football Hall of Fame through its wholly owned, for profit subsidiary Hall of Fame Village, Inc. and Industrial Realty Group, LLC.

Forward-Looking Statements

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 such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed merger; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and GPAQ's and HOFV's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities, relating to the acquired business. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the impact of the Coronavirus on GPAQ and HOFV, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed transaction contemplated thereby; the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of GPAQ or other conditions to closing in the Merger Agreement; the outcome of any legal proceedings that have been, or will be, instituted against GPAQ or other parties to the Merger Agreement following announcement of the Merger Agreement and transactions contemplated therein; the ability of GPAQ and/or Holdings to meet NASDAQ listing standards following the merger and in connection with the consummation thereof; the failure to obtain the financing arrangements necessary to complete the development of the project; the failure to achieve the assumptions underlying certain of the financial projections included within the investor presentation including, among others, securing the timely financing for, and achieving construction of, the second phase of the project within assumed time and financial budget, and achieving expected attendance and occupancy rates; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the Merger Agreement and consummation of the transaction described therein; costs related to the proposed merger and the impact of the substantial indebtedness to be incurred to finance the consummation of the merger; changes in applicable laws or regulations; the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by GPAQ and Holdings.

Additional Information about the Transaction and Where to Find It

This communication is being made in respect of the proposed business combination between GPAQ and HOF Village, LLC ("HOFV").  In connection with the proposed business combination, GPAQ has filed with the SEC a proxy statement and GPAQ Acquisition Holdings, Inc. ("Holdings") has filed a registration statement on Form S-4, as amended, which includes a definitive proxy statement/final prospectus, which definitive proxy statement will be mailed to stockholders of GPAQ as of a new to-be-determined record date. Before making any voting or investment decision, shareholders of GPAQ are urged to carefully read the definitive proxy statement/final prospectus and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about GPAQ, Holdings, HOFV and the proposed business combination.  Stockholders will also be able to obtain copies of the registration statement and proxy statement, without charge, at the SEC's website at www.sec.gov or by directing a request to: Gordon Pointe Acquisition Corp., 780 Fifth Avenue South, Naples, FL 34102.

Participants in the Solicitation

GPAQ, Holdings, HOFV, HOF Village Newco, LLC and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of GPAQ stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests in GPAQ's directors and officers in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 10, 2020, and also in Holdings' Post-Effective Amendment No. 2 to Registration Statement on Form S-4, as amended, which includes a definitive proxy statement/final prospectus of GPAQ, which became effective on March 24, 2020.   

No Offer or Solicitation

The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. 

For Information, Contact:

HOF Village LLC or Gordon Pointe Investor Inquiries
Jacques Cornet, (646) 277-1285
[email protected]
or
Will Swett, (646) 677-1818
[email protected]

SOURCE Gordon Pointe Acquisition Corp.