UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): May 22, 2020

 

GORDON POINTE ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38363   82-1270173
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

780 Fifth Avenue South

Naples, FL 34102

(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code: (412) 960-4687

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)  

Name of each exchange on

which registered

Units, each consisting of one share of Class A common stock, $0.0001 par value, and one Warrant   GPAQU   Nasdaq Capital Market
Class A common stock, $0.0001 par value per share   GPAQ   Nasdaq Capital Market
Warrants to purchase Class A common stock   GPAQW   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On May 22, 2020, Gordon Pointe Acquisition Corp. (the “Company” or “GPAQ”) entered into Amendment No. 3 (the “Amendment No. 3”) to the previously disclosed Agreement and Plan of Merger, dated as of September 16, 2019, as amended on November 6, 2019 and March 10, 2020 (collectively, the “Merger Agreement”), by and among GPAQ, GPAQ Acquisition Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of GPAQ (“Holdings”), GPAQ Acquiror Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Holdings (“Acquiror Merger Sub”), GPAQ Company Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Holdings, HOF Village, LLC, a Delaware limited liability company (“HOFV”) and HOF Village Newco, LLC, a Delaware limited liability company and a wholly-owned subsidiary of HOFV (“Newco”). As previously disclosed, under the Merger Agreement, (i) Acquiror Merger Sub will be merged with and into GPAQ, with GPAQ continuing as the surviving entity and a wholly-owned subsidiary of Holdings, and (ii) Company Merger Sub will be merged with and into Newco, with Newco continuing as the surviving entity and a wholly-owned subsidiary of Holdings. Unless otherwise defined herein, the capitalized terms used below are defined in the Amendment No. 3.

 

The Amendment No. 3 amends the terms of the Merger Agreement to, among other things: (i) provide for the repayment of the portion of the loans made by GPAQ’s sponsor in connection with the extensions of the deadline to complete the business combination beyond January 29, 2020 in a combination of cash and the PIPE Notes to be issued by Holdings at the time of the Closing; (ii) modify the repayment terms of “Company Transaction Expenses” and “Acquiror Transaction Expenses”; (iii) provide for $9.0 million of the amount outstanding under the IRG November Note to be converted to PIPE Notes to be issued by Holdings at the time of the Closing; (iv) to provide for the issuance of up to 150,000 shares of Holdings Common Stock to certain vendors and service providers in satisfaction of certain outstanding amounts; (v) add a condition to GPAQ’s obligation to close the business combination that HOFV shall enter into an amendment to the Term Loan with GACP on terms reasonably acceptable to GPAQ; and (vi) extend the outside termination date to July 15, 2020.

 

The foregoing description of the Amendment No. 3 is qualified in its entirety by reference to the text of the Amendment No. 3, a copy of which is attached as Exhibit 2.1 to this Current Report on Form 8-K, and is incorporated herein by reference.

 

Additional Information

 

In connection with the proposed business combination between the Company and HOF Village, LLC (“HOFV”), the Company’s wholly-owned subsidiary GPAQ Acquisition Holdings, Inc. (“Holdings”) has filed with the SEC Post-Effective Amendment No. 3 to Registration Statement on Form S-4 on May 22, 2020 for the Holdings securities to be issued to the security holders of the Company and the members of HOF Village Newco, LLC at the closing of the business combination, which includes a proxy statement/prospectus and other documents concerning the proposed business combination and related matters (the “Registration Statement and Merger Proxy Statement”). Investors and security holders are advised to read the Registration Statement and the Merger Proxy Statement, and amendments thereto and the definitive proxy statements, when available, which will contain important information about the proposed extension and the proposed business combination and the parties to it. The Registration Statement and definitive Merger Proxy Statement will be mailed to stockholders of the Company as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the Registration Statement and Merger Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Gordon Pointe Acquisition Corp., 780 Fifth Avenue South, Naples, FL 34102.

 

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Forward-Looking Statements

 

Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed merger; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and Holding’s, the Company’s and HOFV’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities, relating to the acquired business. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the impact of the Coronavirus on GPAQ and HOFV, the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed transaction contemplated thereby; the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of the Company or other conditions to closing in the Merger Agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the Merger Agreement following announcement of the Merger Agreement and transactions contemplated therein; the ability of Holding’s to meet NASDAQ listing standards following the merger and in connection with the consummation thereof; the failure to obtain the financing arrangements necessary to complete the development of the project; the failure to achieve the assumptions underlying certain of the financial projections included within the investor presentation including, among others, securing the timely financing for, and achieving construction of, the second phase of the project within assumed time and financial budget, and achieving expected attendance and occupancy rates; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the Merger Agreement and consummation of the transaction described therein; costs related to the proposed merger and the impact of the substantial indebtedness to be incurred to finance the consummation of the merger; changes in applicable laws or regulations; the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the SEC by the Company and Holdings.

 

Participants in the Solicitation

 

The Company, Holdings, HOFV, Newco and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of the Company’s stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests in the Company’s directors in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 10, 2020, and also in the Registration Statement on Form S-4 filed with the SEC and declared effective on February 14, 2020, as amended by Post-Effective Amendment No. 3 to Registration Statement filed with the SEC on May 22, 2020, which includes the proxy statement/prospectus of the Company for the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to the Company’s stockholders in connection with the proposed business combination, and information concerning the interests of the Company’s and Newco’s participants in the solicitation, which may, in some cases, be different than those of the Company’s and Newco’s equity holders generally, is set forth in the Post-Effective Amendment No. 3 to Registration Statement.

 

Non-Solicitation

 

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

 Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
Number
  Description
     
2.1   Amendment No. 3 to Agreement and Plan of Merger dated May 22, 2020, by and among Gordon Pointe Acquisition Corp., GPAQ Acquisition Holdings, Inc., GPAQ Acquiror Merger Sub, Inc., GPAQ Company Merger Sub, LLC, HOF Village, LLC and HOF Village Newco, LLC

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  GORDON POINTE ACQUISITION CORP.
     
Dated: May 28, 2020 By: /s/ James J. Dolan
    Name: James J. Dolan
    Title: Chief Executive Officer

 

 

 

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Exhibit 2.1

 

Amendment No. 3 to Agreement and Plan of Merger

 

This Amendment No. 3 to Agreement and Plan of Merger (this “Amendment”) is made and entered into as of May 22, 2020 (the “Third Amendment Date”), by and among (i) Gordon Pointe Acquisition Corp, a Delaware corporation (“Acquiror”), (ii) GPAQ Acquisition Holdings, Inc., a Delaware corporation (“Holdings”), (iii) GPAQ Acquiror Merger Sub, Inc., a Delaware corporation (“Acquiror Merger Sub”), (iv) GPAQ Company Merger Sub, LLC, a Delaware limited liability company (“Company Merger Sub”; Company Merger Sub and Acquiror Merger Sub are together referred to herein as the “Merger Subs”; the Merger Subs, Acquiror and Holdings are collectively referred to herein as the “Acquiror Parties”), (v) HOF Village, LLC, a Delaware limited liability company (the “Company”), and (vi) HOF Village Newco, LLC, a Delaware limited liability company (“Newco”). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Acquiror Parties, the Company and Newco entered into that certain Agreement and Plan of Merger, dated as of September 16, 2019, as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of November 6, 2019, and Amendment No. 2 to Agreement and Plan of Merger, dated as of March 10, 2020 (the “Agreement”); and

 

WHEREAS, the parties desire to amend the Agreement in accordance with Section 11.10 of the Agreement, on the terms and subject to the conditions contained herein.

 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows in accordance with Section 11.10 of the Agreement:

 

Article 1

 

1.1 Amendment to Section 1.01.

 

(a) Section 1.01 of the Agreement is hereby amended by adding the following definitions of “GACP”, “Industrial Realty Group, LLC”, “IRG November Note” and “Term Loan”:

 

GACP” means GACP Finance Co., LLC.

 

Industrial Realty Group, LLC” means Industrial Realty Group, LLC, a Nevada limited liability company.

 

IRG November Note” means that certain Promissory Note, dated as of November 27, 2019, made by the Company, HOF Village Youth Fields, LLC, HOF Village Parking, LLC, HOF Village Stadium, LLC, HOF Village Land, LLC, HOF Village Hotel I, LLC, HOF Village Sports Business, LLC, HOF Village Parking Management I, LLC, HOF Village Residences I, LLC, HOF Village Center for Excellence, LLC, HOF Village Center for Performance, LLC, HOF Experience, LLC, and HOF Village Media Group, LLC, as Borrowers, to Industrial Realty Group, LLC, as Holder.

 

Term Loan” means the $65 million secured term loan agreement entered into on March 20, 2018, by HOFV with various lenders party thereto and GACP, as administrative agent, as amended

 

 

 

 

(b) Section 1.01 of the Agreement is hereby amended by replacing the definition of “PIPE Transaction” with the following:

 

PIPE Transaction” means a private placement transaction involving the issuance of equity securities or convertible debt securities of Acquiror or Holdings, effected during the period from the date hereof through the Closing Date.

 

1.2 Amendment to Section 2.20. Section 2.20 is hereby amended by deleting such Section in its entirety and replacing it with the following new Section 2.20:

 

2.20 Conversion of Sponsor Loans. Effective as of the Effective Time, the Sponsor Loans shall automatically, without any further action on the part of the holder thereof be cancelled and converted into and thereafter evidence that number of shares of Holdings Common Stock equal to (a) the outstanding principal amount of, and accrued and unpaid interest on, such Sponsor Loans as of immediately prior to the Effective Time, divided by (b) the Per Share Price, rounded up to the nearest whole number of shares of Holdings Common Stock; provided however, that with respect to any Sponsor Loans that have been, or may be, advanced to fund additional contributions into the Trust Account in connection with the extension of the deadline to consummate the Transactions beyond January 29, 2020, (x) $500,000 of such Sponsor Loans shall be paid in cash at the Closing out of Available Closing Date Cash, and (y) the remaining balance of such Sponsor Loans shall be converted into the convertible securities that may be issued in a PIPE Transaction, if any, in an equivalent amount and on the terms set forth in such PIPE Transaction.

 

1.3 Amendment to Section 2.22.

 

(a) Section 2.22(a) of the Agreement is hereby amended by adding the words “, not to exceed $1,100,000 in aggregate,” after the words “all such Outstanding Company Expenses”.

 

(b) Section 2.22(b) of the Agreement is hereby amended by replacing the last sentence with the following: “On the Closing Date, in satisfaction of all such Outstanding Acquiror Expenses, (i) Acquiror shall pay or cause to be paid by wire transfer of immediately available funds out of Available Closing Date Cash (x) the Outstanding Acquiror Expenses relating to Acquiror’s deferred legal fees, deferred director fees and other fees and expenses payable to any other third-party agents, advisors, consultants, experts and financial advisors (including the Sponsor Loans under Section 2.20 to be paid in cash), which shall not exceed $1,900,000 in the aggregate, and (y) Acquiror’s broker fees and expenses; and (ii) Holdings shall issue to Sponsor that number of shares of Holdings Common Stock equal to (x) the remainder of such Outstanding Acquiror Expenses (after payment pursuant to subsection (i)) divided by (y) the Per Share Price, rounded up to the nearest whole number of shares of Holdings Common Stock.”

 

(c) Section 2.22(c) of the Agreement is hereby amended by replacing such subsection in its entirety with the following:

 

“(c) On the Closing Date, Holdings shall issue 580,000 shares of Holdings Common Stock at the Per Share Price to PFHOF in full payment and satisfaction of certain outstanding fees and expenses owed to PFHOF by the Company as of the Closing Date.”

 

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(d) Section 2.22 is hereby amended by adding the following new Section 2.22(f) after Section 2.22(e):

 

“(f) On the Closing Date, $9,000,000 of the outstanding principal amount under the IRG November Note shall be converted into the convertible securities that may be issued in a PIPE Transaction, if any, in an equivalent amount and on the terms set forth in such PIPE Transaction and issued to Industrial Realty Group, LLC, and the remaining balance under the IRG November Note shall remain outstanding in accordance with the terms of the IRG November Note.”

 

(e) Section 2.22 is hereby amended by adding the following new Section 2.22(g) after Section 2.22(f):

 

“(g) On the Closing Date, Holdings shall issue up to 150,000 shares of Holdings Common Stock at the Per Share Price to vendors and service providers in satisfaction of certain outstanding amounts owed.”

 

1.4 Amendment to Schedule 5.06(c)(ii). Schedule 5.06(c)(ii) is hereby amended by deleting such Schedule in its entirety and replacing it with the following new Schedule 5.06(c)(ii):

 

Schedule 5.06(c)(ii)

Indebtedness

 

1. Sponsor or an Affiliate of Sponsor will loan to Acquiror such amounts as are necessary in order to fund any working capital deficiencies and/or finance transaction costs in connection with the Transactions.  As of May 1, 2020, $1,500,000 had been committed by the Sponsor via a promissory note.  An additional commitment via a promissory note will be required for Acquiror operating expenses through the Closing Date.

 

2. Sponsor loaned approximately $2,199,655 to Acquiror for the initial three month extension with respect to the proposed Business Combination from July 31, 2019 to October 31, 2019, plus three additional 30-day periods to January 29, 2020. 

 

1.5 Additional Conditions to Obligations of Acquiror. Section 9.02 of the Agreement shall be amended to add new subsection (i) as follows:

 

(i) Modification of Term Loan. On or before the Closing Date, the Company shall have entered into an amendment with GACP, as administrative agent, modifying the terms of the Term Loan, on terms reasonably acceptable to Acquiror.

 

1.6 Amendment to Definition of Termination Date. The definition of “Termination Date” (as defined in Section 10.01(b) of the Agreement) is hereby amended to mean July 15, 2020.

 

Article 2

 

2.1 Governing Law. This Amendment, and all claims or causes of action based upon, arising out of, or related to this Amendment or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

 

2.2 Original Agreement. For all purposes of the Agreement, each reference in the Agreement to “this Agreement” or “the Agreement” shall mean the Agreement as amended by this Amendment, and as hereafter amended or restated. Except as herein expressly amended, this Amendment shall not alter, modify or amend any of the provisions of the Agreement and the Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms.

 

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2.3 Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be an original as regards any party whose signature appears thereon and all of which together shall constitute one and the same instrument. This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all parties reflected hereon as signatories.

 

2.4 Entire Agreement. The Agreement, as amended by this Amendment (together with the Schedules and Exhibits to the Agreement), constitute the entire agreement among the Parties relating to the transactions contemplated hereby and thereby and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties hereto or thereto or any of their respective Affiliates relating to the transactions contemplated hereby and thereby. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to the transactions contemplated by the Agreement, as amended by this Amendment, exist between the Parties except as expressly set forth or referenced in the Agreement, as amended by this Amendment, or any related ancillary documents.

 

2.5 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[SIGNATURE PAGE NEXT]

 

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IN WITNESS WHEREOF the Parties have hereunto caused this Amendment to be duly executed as of the date hereof.

 

 

GORDON POINTE ACQUISITION CORP
   
  By: /s/ James J. Dolan
  Name: James J. Dolan
  Title: Chairman & CEO
     
  GPAQ Acquisition Holdings, Inc.
   
  By:   /s/ James J. Dolan
  Name: James J. Dolan
  Title: Chairman & CEO
     
  GPAQ Acquiror Merger Sub, Inc.
   
  By:   /s/ Douglas L. Hein
  Name: Douglas L. Hein
  Title: Chief Financial Officer
     
  GPAQ Company Merger Sub, LLC
   
  By:   /s/ Douglas L. Hein
  Name: Douglas L. Hein
  Title: Chief Financial Officer

 

[Signature Page to Amendment No. 3 to Agreement and Plan of Merger]

 

 

 

 

  HOF VILLAGE, LLC
   
  By:   /s/ Michael Crawford
  Name: Michael Crawford
  Title: Chief Executive Officer
       
  HOF VILLAGE NEWCO, LLC
   
  By: HOF Village, LLC, its Sole Member
     
    By:   /s/ Michael Crawford
    Name: Michael Crawford
    Title: Chief Executive Officer

 

[Signature Page to Amendment No. 3 to Agreement and Plan of Merger]