Today, Gordon Pointe Acquisition Corp. (GPAQ) announced that it had elected to extend the deadline to consummate its proposed business combination with HOF Village, LLC (“HOFV”) (presentation link) to July 15, 2020. As previously disclosed, GPAQ had amended its amended and restated certificate of incorporation to extend the date by which GPAQ must consummate its initial business combination from May 14, 2020 to June 15, 2020, plus an option by GPAQ to further extend such date for an additional thirty days to July 15, 2020. In connection with such extension, on June 12, 2020, GPAQ’s sponsor contributed to GPAQ $0.04 for each of GPAQ’s public shares outstanding, for an aggregate contribution of $114,937.76. Not a bad deal for arb and yield investors getting an additional 40bps in yield (~4.9% annualized) on a 30 day “risk-free” investment. The amount was deposited into GPAQ’s trust account established in connection with GPAQ’s initial public offering. GPAQ now has until July 15, 2020 to consummate its proposed business.
GPAQ also announced today that, in light of continued public health concerns regarding the Coronavirus, or COVID-19, that GPAQ shareholders of record may participate telephonically in the special shareholders meeting (the “Special Meeting”) to approve the proposed business combination with HOFV scheduled for June 30, 2020 at 10:00 A.M. Eastern. GPAQ shareholders may participate in the call by dialing 1-646-558-8656, Entry Code: 798-121-0979 and Passcode: 882333.
GPAQ shareholders are entitled to participate in and vote at the Special Meeting to approve the proposed extension if they were a shareholder of record as of the close of business on June 1, 2020, or hold an appropriate legal proxy for the meeting provided by their broker, bank or other nominee.
Whether or not a shareholder plans to attend the Special Meeting telephonically, GPAQ urges its shareholders to vote and submit their proxy in advance of the Special Meeting by one of the methods described in the proxy statement/prospectus. Instructions as to how to vote at the Special Meeting will be provided on the conference call.
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