PITTSBURGH, July 29, 2019 /PRNewswire/ -- Gordon Pointe
Acquisition Corp. (Nasdaq: GPAQ) (the "Company") announced today
the Company's stockholders voted on July 26,
2019 at its special meeting of stockholders to approve an
amendment to the Company's amended and restated certificate of
incorporation and an amendment to the Company's Investment
Management Trust Agreement governing the trust account established
to hold the proceeds of the Company's initial public offering (the
"IPO") to extend the time in which the Company may complete an
initial business combination from July 30,
2019 until October 31, 2019, subject to three additional
extension periods of 30 days each (collectively, the "Extension
Amendments").
Approximately $114.3 million will
remain in the trust account and approximately 11,053,539 of the
Company's common stock issued in the IPO (the "public shares"),
representing approximately 88% of the public shares, will remain
issued and outstanding following the redemption of certain of the
public shares in connection with the Extension Amendments.
Also in connection with the Extension Amendments, on
July 26, 2019, the Company's sponsor
contributed to the Company as a loan $0.10 for each public share that was not
redeemed. Such amount, totaling approximately $1.1 million, was deposited into the trust
account. If the Company elects to further extend the deadline
to complete an initial business combination beyond October 31, 2019, the Company's sponsor has
agreed to contribute an additional $0.033 for each public share that was not
redeemed for each 30-day period thereafter, or portion thereof, up
to three additional 30-day periods.
About Gordon Pointe Acquisition Corp.
Gordon Pointe Acquisition Corp. is a special purpose acquisition
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase or other similar
business combination with one or more businesses or assets.
Contact:
James J.
Dolan
Chief Executive Officer
Gordon Pointe Acquisition Corp.
jdolan@gordonpointe.com
(412) 960-4687
Media Contact
Jack
Horner, 267-932-8760, ext. 302
412-600-2295 (mobile)
jack@hornercom.com
Cautionary Note Concerning Forward-Looking
Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
anticipated use of the net proceeds of the offering. No assurance
can be given that the net proceeds of the offering will be used as
indicated. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company's registration statement and prospectus for the Company's
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
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SOURCE Gordon Pointe Acquisition Corp.