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.
James J. Dolan
Chief Executive Officer
Gordon Pointe Acquisition Corp.
Jack Horner, 267-932-8760, ext. 302
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.
SOURCE Gordon Pointe Acquisition Corp.