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[SCHEDULE 13D/A] HALL OF FAME REST&ENT WTS SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary

Amendment No. 7 to a Schedule 13D updates prior disclosures by a group of related reporting persons regarding their holdings in Hall of Fame Resort & Entertainment Co. The filing reports that on May 7, 2025 the Issuer entered a Merger Agreement with HOFV Holdings, LLC and related buyer parties, and on September 5, 2025 those buyer parties delivered a Notice of Intent to Terminate the Merger Agreement citing the Issuer's failure to perform. The buyer parties intend to terminate the Merger Agreement effective September 17, 2025 unless the Issuer cures the alleged breach before that date. The filing states the parties are discussing potential solutions and additional funding but expressly warns there is no assurance any arrangements will materialize or provide sufficient short-term working capital. The filing also restates beneficial ownership details for the reporting persons, including that CH Capital Lending, LLC beneficially owns 12,380,981 shares (67.6%) and Stuart Lichter may be deemed to beneficially own 14,152,264 shares (73.1%) on a stated basis that includes numerous convertible instruments.

Positive
  • Reporting persons disclosed ongoing discussions with buyer parties and guarantor about potential cures and additional funding, indicating active engagement to resolve the issue
  • Comprehensive beneficial ownership disclosure clarifies the scale of holdings and the securities (warrants, convertible notes) that are included in percentage calculations
Negative
  • Buyer delivered Notice of Intent to Terminate the Merger Agreement citing issuer's failure to perform, creating a risk that the merger will be terminated effective September 17, 2025
  • No assurance that discussions will yield a solution or sufficient working capital, indicating potential short-term liquidity risk for the issuer
  • Significant concentration of ownership and convertible securities (e.g., CH Capital 12,380,981 shares = 67.6%; Stuart Lichter 14,152,264 shares = 73.1% on stated basis) could materially affect control and outcomes if transactions proceed or collapse

Insights

TL;DR: Merger at risk; buyer signaled termination unless breach is cured by Sept 17, 2025.

The Notice of Intent to Terminate the Merger Agreement is a material development: it places the previously announced transaction in jeopardy and creates immediate execution risk. The buyer invoked a contractual termination right for the Issuer's alleged failure to perform and set a termination effective date, which could relieve the buyer of merger obligations and any related funding commitments. Although discussions about cure and additional funding are ongoing, the filing explicitly states there is no assurance of a resolution. For counterparties and lenders, the near-term liquidity outlook and covenant compliance should be reassessed; for shareholders, potential dilution assumptions embedded in the reporting persons' beneficial ownership calculations may change depending on whether the merger and related financings proceed.

TL;DR: Governance implications include heightened default risk and potential shifts in control dynamics if the merger terminates.

The formal notice signals a significant contractual dispute with investor/strategic counterparties. The filing reiterates concentrated ownership and extensive convertible instruments controlled by affiliated entities and Stuart Lichter, which affects control calculations and responses to the termination. The issuer's discussions with buyer/guarantor over cures and funding highlight governance pressure points: board decision-making on remedial financings, disclosure obligations, and stakeholder communications are now urgent. The public notice of the buyer's intent to terminate increases regulatory and market scrutiny and may accelerate requests for board-level transparency on liquidity and contingency plans.






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

FAQ

What did the Notice of Intent to Terminate the Merger Agreement say for HOFVW?

The Notice stated the buyer parties intend to terminate the Merger Agreement due to the Issuer's alleged failure to perform and intend termination effective September 17, 2025 unless the Issuer cures the breach before that date.

Is there certainty the merger will be terminated?

No; the filing states the parties are discussing possible solutions and additional funding but expressly says there is no assurance any arrangements will materialize.

Who are the key reporting persons and how much do they beneficially own?

CH Capital Lending, LLC beneficially owns 12,380,981 shares (67.6%) and Stuart Lichter may be deemed to beneficially own 14,152,264 shares (73.1%) on a stated basis that includes convertible instruments.

What is the effective date for the potential termination?

The buyer parties stated the Merger Agreement would be terminated effective September 17, 2025 unless the Issuer cures the alleged breach before that date.

Does the filing describe the nature of the alleged breaches?

The filing summarizes that termination is due to the Issuer's failure to perform under the Merger Agreement but refers readers to the full Notice (Exhibit 99.57) for complete terms and details.
Hall Of Fame Resort & Entmt Co

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