Hall of Fame Resort & Entertainment Company notifies the termination of the Merger Agreement with Parent due to failure to obtain executed consents from third parties.
In connection with the termination, the Note & Security Agreement and Subject IRG Debt Instruments will not be extended beyond the maturity date.
The Company faces potential default on outstanding loan balances as a result of the termination and non-extension.
Termination of Merger Agreement
Parent terminates the Merger Agreement due to the Company's failure to fulfill obligations under Section 7.2(g).
Non-Extension of Debt Instruments
The Lenders will not consent to increases in Facility Amount or maturity date extensions under the Note & Security Agreement and IRG Debt Instruments.
- The termination of the Merger Agreement could impact the Company's strategic plans and financial standing.
- Non-extension of debt instruments may lead to increased pressure on the Company to repay the outstanding loan balances.
- Investors may react to the news of termination and non-extension by adjusting their expectations and positions in the company.
The termination of the merger agreement and non-extension of debt instruments present challenges for Hall of Fame Resort & Entertainment Company. The company must navigate these obstacles to maintain financial stability and operational continuity.