HOFV stock flights with a heavy volume fighting for the top place.
Shares of Hall of Fame Resort & Entertainment Company (HOFV) are skyrocketing today and it is for a good reason.
The resort, entertainment, and media company announced that it has signed a media partnership agreement with WaV and Sports Illustrated Studios. Following the partnership update, HOFV stock made a strong move in the premarket and surged as high as161.05% to $4.96.
HOFV kicked off the day at $3.04 compared to the previous close of $1.90. The stock continued to rally in the open market and as we write this at 12:30P.M. EDT, HOFV was trading at $4.32 soaring by 128.10%.
The trading volume was also very high as the stock is currently at second spot with 76 million.
Why HOFV Stock is soaring higher?
The entertainment firm with a market cap of $131.64 million has made a major development signing a partnership deal with a global sports marketing firm, WaVand Sports Illustrated Studios.
Under the partnership deal, Hall of Fame Resort & Entertainment Companywill produce an exclusive and original docuseries centered on the NFL Alumni Academy, the NFL Alumni Association’s player development program.
This strategic partnership will support the entertainment firm to move closer to its business goals and achieve the objectives. HOFV has a great opportunity to produce some new exciting content for the media industry, helping the company to pave the way for its long-term strategic priorities.
The company has also revealed that it has filed its Form 10-Q, which states that the company is an early-stage development firm and has invested around $250 million to expand its business, including $16 million of funding during the quarter ended Sep. 30, 2020.
“As a multi-dimensional sports and entertainment company, we are pleased with the progress we’ve achieved during our first quarter as a public company against our long-term strategic goals,” said Mike Crawford,the Chief Executive Officer of HOFV.
Mike further added that they began to create assets for its first themed destination in Canton, Ohio by initiating the project on the Constellation Center for Excellence. In addition, HOFV expects to complete its renovation on the DoubleTree in the next couple of weeks.
Hall of Fame Resort & Entertainment Company (HOFV) also partnered with Shula’s Steakhouse and Top Golf to be part of the destination. Also, the company recently named Spectra Partnerships, a hosting and entertainment company, as an official partner.