Former SPAC Hall Of Fame Resort Soars 125% On Sports Illustrated Deal

Hall of Fame Resort & Entertainment merged with Gordon Pointe Acquisition Corp via a SPAC deal to bring the ambitious football-themed entertainment company to the public market.

What Happened: Hall of Fame Resort & Entertainment Company HOFV shares surged Thursday after announcing a media deal with WaV and Sports Illustrated Studios.

The deal covers an exclusive, original docuseries centered on the NFL Alumni Academy. The NFL Alumni Academy is the NFL’s Alumni Association player development program.

Hall of Fame Resort & Entertainment hosts former college and NFL players who are not on current NFL rosters. The players train with former NFL coaches and players to train and try to get back to the league.

Related Link: 5 Former SPACS That Are Now Penny Stocks

HOFV Earnings: The company also announced quarterly earnings and some company updates.

Quarterly revenue fell 22% year-over-year to $1.7 million. Revenue was made up from sponsorships, rents and event segments.

“We are pleased with the progress we’ve achieved during our first quarter as a public company against our long-term strategic goals,” said CEO Mike Crawford.

The company highlighted its soon to open DoubleTree Canton Downtown Hotel and retail deals signed with Shula's Steakhouse and Top Golf. 

What’s Next: The SPAC deal was closed in July bringing Hall of Fame Resorts public. Since then, shares have fallen below the $10 level and have traded in penny stock territory for all of September and October.

The company believes it can hit $150 million in revenue by 2026 with nine business segments including waterpark, hotels, football stadium and media.

HOFV Price Action: Shares of Hall of Fame Resorts were halted earlier Thursday on the circuit breaker. Shares traded up over 200%.

Shares are up 125% to $4.28 at publication time.