By Colin Kellaher
Shares of Hall of Fame Resort & Entertainment tumbled in premarket trading Wednesday after the company said it was raising $2.8 million in a public offering.
The Canton, Ohio, company said it is selling 750,000 shares, along with warrants to buy another 750,000 shares, at a combined price of $3.75 per share and accompanying warrant, well below Tuesday’s closing price of $4.50.
Hall of Fame Resort, which had nearly 5.7 million shares outstanding before the offering, said the five-year warrants are immediately exercisable at $3.75 a share.
Hall of Fame Resort shares were recently down 30% at $3.15 in premarket trading.
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