Hall of Fame Resort & Entertainment Company announced a private placement of 1,600 Series A Cumulative Redeemable Preferred Stock at a price of $1,000 per share for aggregate gross proceeds of $1,600,000 on January 12, 2023. The company raised $1,600,000 in it's first tranche. The transaction included participation from ADC LCR Hall of Fame Manager II, LLC.

The preferred shares carry interest of 7% per annum. The Company paid the investor an origination fee of 2% of the aggregate purchase price. The issuance and sale of the Shares to the Investor is exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

The Series A Preferred Stock is not convertible into Common Stock. The investor has represented to the company that it is an “accredited investor” as defined in rule 501 of the securities act and that the shares are being acquired for investment purposes and not with a view to, or for sale in connection with, any distribution thereof.