STOCK TITAN

HOFV Amendment: Forbearance and Termination Date Extension Filed; Exhibit 99.58 Added

(Neutral)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Amendment No. 8 to Schedule 13D for Hall of Fame Resort & Entertainment Co (HOFV) updates the reporting groups disclosures and describes recent developments regarding the Merger Agreement. On September 5, 2025 the reporting parties delivered a Notice of Intent to Terminate the Merger Agreement and Non-Extension of a related Note & Security Agreement. On September 16, 2025 the reporting groups parent delivered a letter extending the termination date from September 17, 2025 to September 30, 2025 and agreeing to forbear from exercising remedies under the Merger Agreement prior to that date, except for obligations relating to receipt of third-party consents for holders of the Issuers 8% Convertible Notes due 2025. The letter is filed as Exhibit 99.58 and is incorporated by reference.

The filing also reports beneficial ownership details for multiple reporting persons, including that Lichter Stuart is attributed with 14,152,264 shares or 73.1% of the class (based on 6,698,645 shares outstanding as of March 21, 2025) when convertible instruments and warrants are included, CH Capital Lending, LLC beneficially owns 12,380,981 shares (67.6% when included instruments are counted), and other affiliated entities hold smaller percentages described in the filing.

Positive

  • Termination date extended to September 30, 2025, providing additional time for resolution
  • Parent agreed to forbear from exercising remedies under the Merger Agreement prior to the extended date (subject to stated exceptions)
  • Letter filed as Exhibit 99.58, increasing transparency by incorporating the full text by reference

Negative

  • Notice of Intent to Terminate the Merger Agreement was delivered, indicating the merger may be ending
  • Forbearance excludes obligations tied to third-party consents for holders of the Issuers 8% Convertible Notes due 2025, leaving a residual default trigger
  • Significant potential dilution disclosed via convertible debt and multiple series of warrants that materially increase beneficial ownership percentages when included

Insights

TL;DR: Reporting group delivered a termination notice for the Merger Agreement but extended the termination date to September 30, 2025 with limited forbearance.

The filing discloses a formal Notice of Intent to Terminate the Merger Agreement and a subsequent letter extending the termination date and providing conditional forbearance. This is material because it alters the timeline and potential outcome of a previously disclosed transaction and is accompanied by an exhibit (Letter, Exhibit 99.58). The ownership schedules quantify substantial potential dilution from convertible debt and warrants, and attribute majority economic interest to the named reporting persons when those instruments are included. Investors should note the specific exception to forbearance tied to third-party consents for holders of the Issuers 8% Convertible Notes due 2025, which remains a potential trigger for earlier remedies.

TL;DR: The amendment signals a possible collapse of the merger but keeps negotiations open through a short extension and forbearance subject to limited exceptions.

The disclosure documents a termination notice and a short extension to September 30, 2025, plus a forbearance commitment from the Parent and affiliates. Filing the letter as an exhibit provides transparency on the amended timeline and conditions. The exception for obligations related to receipt of third-party consents for 8% Convertible Note holders is procedurally significant because it preserves an independent pathway for default triggers. The substantial beneficial ownership and the detailed schedule of convertible instruments and warrants indicate complex capitalization mechanics that could materially change control outcomes if conversions or exercises occur within the stated windows.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What action did the reporting persons take regarding the Merger Agreement in the HOFV Schedule 13D/A?

They delivered a Notice of Intent to Terminate the Merger Agreement and Non-Extension of the related Note & Security Agreement, and thereafter delivered a letter extending the termination date to September 30, 2025.

Does the extension include a forbearance from exercising remedies?

Yes. The Parent and certain affiliates agreed to forbear from exercising rights and remedies under the Merger Agreement prior to September 30, 2025, except for obligations related to third-party consents for holders of the Issuers 8% Convertible Notes due 2025.

What exhibit contains the full letter referenced in the amendment?

The full letter is filed as Exhibit 99.58 and is incorporated by reference in this Amendment No. 8.

How much beneficial ownership is attributed to Lichter Stuart in this filing?

Lichter Stuart is reported as beneficially owning 14,152,264 shares, representing 73.1% of the class when convertible instruments and warrants are included (based on 6,698,645 shares outstanding as of March 21, 2025).

What percentage of the class does CH Capital Lending, LLC beneficially own according to the filing?

CH Capital Lending, LLC is reported as beneficially owning 12,380,981 shares, representing 67.6% of the class when included instruments are counted.





If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






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Comment for Type of Reporting Person:
(1) Percentage based on 6,698,645 shares of Common Stock issued and outstanding as of March 21, 2025, as reported by the Issuer in its Annual Report on Form 10-K filed with the SEC on March 26, 2025. Information regarding shares of Common Stock issuable in respect of convertible debt and warrants based on information reported by the Issuer, including interest accruals and principal balance of convertible debt with interest paid in kind. (2) Each of IRG Canton Village Member, LLC ("IRG Canton Village Member") and IRG Canton Village Manager, LLC ("IRG Canton Village Manager") may be deemed to beneficially own 683,083 shares of Common Stock held by HOF Village, LLC through the IRG Canton Village Member's indirect (approximately 74.9%) ownership interest therein and IRG Canton Village Manager's role as manager of IRG Canton Village Member. For similar reasons, each may also be deemed to beneficially own 157,085 shares of Common Stock issuable upon the exercise of 2,432,500 Series A warrants held by HOF Village, LLC with an exercise price of $253.11 per share. The warrants are exercisable within 60 days. Each of IRG Canton Village Member and IRG Canton Village Manager disclaims beneficial ownership of all shares held by HOF Village, LLC, except to the extent of any actual pecuniary interest. For purposes of calculating their percentage ownership, the shares outstanding of the Issuer include the shares of Common Stock issuable upon the exercise of the Series A warrants. (3) American Capital Center, LLC beneficially owns 18,521 shares of the Issuer's Common Stock. (4) CH Capital Lending, LLC ("CH Capital") beneficially owns (a) 751,168 shares of Common Stock, (b) 94,743 shares of Common Stock issuable upon conversion of a $14,388,042 principal amount (as of March 31, 2025) convertible note (the "Convertible Note") with a conversion rate of 6.5849 shares of Common Stock per $1,000 principal amount, (c) 455,867 shares of Common Stock issuable upon the exercise of Series C warrants with an exercise price of $12.77 per share, (d) 111,321 shares of Common Stock issuable upon the exercise of Series D warrants with an exercise price of $12.77 per share, (e) 45,419 shares of Common Stock issuable upon the exercise of Series E warrants with an exercise price of $12.77 per share, (f) 521,493 shares of Common Stock issuable upon conversion of 15,000 shares of Series C Preferred Stock with a conversion price of $33.01 per share (including shares issuable in respect of accrued and unpaid dividends), (g) 4,676,757 shares of Common Stock issuable upon conversion of $17,023,398 principal amount (as of March 31, 2025) under the Third Amendment to Second Amended and Restated Secured Cognovit Promissory Note, dated March 17, 2023, as amended (the "2020 Term Loan Note") with a conversion price of $3.64 per share, (h) 3,275,040 shares of Common Stock issuable upon conversion of $11,921,148 principal amount (as of March 31, 2025) under the First Amended and Restated Promissory Note, dated December 8, 2023 (the "2022 Term Loan Note") with a conversion price of $3.64 per share, (i) 1,077,233 shares of Common Stock issuable upon conversion of a $13,756,271 principal amount (as of March 31, 2025) under the Business Loan Agreement, dated June 16, 2022, as amended (the "Bridge Loan") with a conversion price of $12.77 per share, (j) 933,434 shares of Common Stock issuable upon the conversion of a promissory note with an outstanding amount of $11,919,960 (as of March 31, 2025) with a conversion price of $12.77 per share (the "Hotel II Note"), and (k) 438,506 shares of Common Stock issuable upon the conversion of a promissory note with an outstanding amount of $5,599,731 (as of March 31, 2025) with a conversion price of $12.77 per share (the "Split Note"). The convertible note, the Series C Preferred Stock, the 2020 Term Loan Note, the 2022 Term Loan Note, the Bridge Loan, the Hotel II Note and the Split Note are convertible, and the Series C, Series D and Series E warrants are exercisable within 60 days. For purposes of calculating its percentage ownership, the shares outstanding of the Issuer include the shares of Common Stock issuable upon the exercise of the warrants and the conversion of the Convertible Note, the Series C Preferred Stock, the 2020 Term Loan Note, the 2022 Term Loan Note, the Bridge Loan, the Hotel II Note and the Split Note. (5) IRG, LLC ("IRG") beneficially owns (a) 15,950 shares of the Issuer's Common Stock, (b) 438,506 shares of Common Stock issuable upon the conversion of $5,599,731 principal amount (as of March 31, 2025) promissory note with a conversion price of $12.77 per share, and (c) 22,709 shares of Common Stock issuable upon the exercise of Series E warrants with an exercise price of $12.77 per share. The convertible note and the Series E warrants are exercisable within 60 days. For purposes of calculating its percentage ownership, the shares outstanding of the Issuer include the shares of Common Stock issuable upon the exercise of the Series E warrants and the conversion of the convertible promissory note. (6) Midwest Lender Fund, LLC ("MLF") beneficially owns (a) 5,681 shares of the Issuer's Common Stock, (b) 5,677 shares of the Common Stock issuable upon the exercise of Series G warrants with an exercise price of $12.77 per share, and (c) 410,438 shares of Common Stock issuable upon the conversion of $5,241,300 principal amount (as of March 31, 2025) promissory note with a conversion price of $12.77 per share. For purposes of calculating its percentage ownership, the shares outstanding of the Issuer include the shares of Common Stock issuable upon the exercise of the Series G warrants and the conversion of the convertible promissory note. (7) Mr. Lichter beneficially owns 9,090 shares of Common Stock and 4,543 shares of Common Stock issuable upon the exercise of Series B warrants with an exercise price of $30.81 per share. The Series B warrants are exercisable within 60 days. Mr. Lichter may be deemed to beneficially own (a) through his indirect ownership of membership interests in IRG, (i) 15,950 shares of Common Stock held by IRG, (ii) 22,709 shares of Common Stock issuable to IRG upon the exercise of Series E warrants with an exercise price of $12.77 per share and (iii) 438,506 shares of Common Stock issuable to IRG upon the conversion of $5,599,731 principal amount (as of March 31, 2025) promissory note with a conversion price of $12.77 per share, (b) through his beneficial ownership of membership interests in MLF, (i) 5,681 shares of Common Stock, (ii) 5,677 shares of Common Stock issuable to MLF upon the exercise of Series G warrants with an exercise price of $12.77 per share, and (iii) 410,438 shares of Common Stock issuable to MLF upon the conversion of $5,241,300 principal amount (as of March 31, 2025) promissory note with a conversion price of $12.77 per share, (c) through his indirect ownership of membership interests in CH Capital, (i) 751,168 shares of Common Stock, (ii) 455,867 shares of Common Stock issuable to CH Capital upon the exercise of Series C warrants with an exercise price of $12.77 per share, (iii) 111,321 shares of Common Stock issuable to CH Capital upon the exercise of Series D warrants with an exercise price of $12.77 per share, (iv) 45,419 shares of Common Stock issuable to CH Capital upon the exercise of Series E warrants with an exercise price of $12.77 per share, (v) 521,493 shares of Common Stock issuable to CH Capital upon conversion of 15,000 shares of Series C Preferred Stock with a conversion price of $33.01 per share (including shares issuable in respect of accrued and unpaid dividends), (vi) 4,676,757 shares of Common Stock issuable to CH Capital upon conversion of a $17,023,398 principal amount (as of March 31, 2025) pursuant to the 2020 Term Loan Note with a conversion price of $3.64 per share, (vii) 3,275,040 shares of Common Stock issuable to CH Capital upon conversion of a $11,921,148 principal amount (as of March 31, 2025) pursuant to the 2022 Term Loan Note with a conversion price of $3.64 per share, (viii) 1,077,233 shares of Common Stock issuable to CH Capital upon conversion of a $13,756,271 principal amount (as of March 31, 2025) under the Bridge Loan with a conversion price of $12.77 per share, (ix) 94,743 shares of Common Stock issuable to CH Capital upon the conversion of a $14,388,042 principal amount (as of March 31, 2025) pursuant to the Convertible Note with a conversion rate of 6.5849 shares of Common Stock per $1,000 principal amount, (x) 933,434 shares of Common Stock issuable upon the conversion of a promissory note with an outstanding amount of $11,919,960 (as of March 31, 2025) under the Hotel II Note with a conversion price of $12.77 per share, and (xi) 438,506 shares of Common Stock issuable upon the conversion of a promissory note with an outstanding amount of $5,599,731 (as of March 31, 2025) under the Split Note with a conversion price of $12.77 per share, and (d) 18,521 shares of Common Stock through his indirect control over American Capital Center, LLC. The Convertible Note, the Series C Preferred Stock, the 2020 Term Loan Note, the 2022 Term Loan Note, the Bridge Loan, the Hotel II Note and the Split Note are convertible, and the Series C, D and E warrants are exercisable within 60 days. Mr. Lichter may also be deemed to beneficially own 683,083 shares of Common Stock through his indirect ownership interest in IRG Canton Village Member, which in turn owns approximately a 74.9% interest in HOF Village, LLC. HOF Village, LLC owns 683,083 shares of Common Stock. He may also be deemed to beneficially own 157,085 shares of Common Stock issuable upon the exercise of 2,432,500 Series A warrants held by HOF Village, LLC with an exercise price of $253.11 per share. The Series A warrants are exercisable within 60 days. Mr. Lichter disclaims beneficial ownership of all shares held by IRG Canton Village Member, IRG Canton Village Manager, CH Capital, IRG, MLF, and American Capital Center, LLC, except to the extent of any actual pecuniary interest. For purposes of calculating his percentage ownership, the shares outstanding of the Issuer include the shares of Common Stock issuable upon the exercise and/or conversion of (a) the Series B warrants to Mr. Lichter, (b) the Series C, Series D and Series E warrants to CH Capital, (c) the Series C Preferred Stock to CH Capital, (d) the Convertible Note, 2020 Term Loan Note, 2022 Term Loan Note, Bridge Loan, Hotel II Note and Split Note to CH Capital, (e) the Series G warrants to MLF, (f) the convertible promissory note to MLF, (g) the Series A warrants to HOF Village, LLC, and (h) the convertible promissory note to IRG.


SCHEDULE 13D


IRG Canton Village Manager, LLC
Signature:/s/ Stuart Lichter
Name/Title:Stuart Lichter/President
Date:09/18/2025
IRG Canton Village Member, LLC
Signature:/s/ Stuart Lichter
Name/Title:Stuart Lichter/President
Date:09/18/2025
American Capital Center, LLC
Signature:/s/ Richard Klein
Name/Title:Richard Klein/Chief Financial Officer
Date:09/18/2025
CH Capital Lending, LLC
Signature:/s/ Richard Klein
Name/Title:Richard Klein/Chief Financial Officer
Date:09/18/2025
IRG, LLC
Signature:/s/ Stuart Lichter
Name/Title:Stuart Lichter/President
Date:09/18/2025
Midwest Lender Fund, LLC
Signature:/s/ Stuart Lichter
Name/Title:Stuart Lichter/President
Date:09/18/2025
Lichter Stuart
Signature:/s/ Stuart Lichter
Name/Title:Stuart Lichter, an individual
Date:09/18/2025