Hall of Fame Resort & Entertainment Co. (HOFV) stock soared 94.79% in the after-hours trading session after the announcement of a partnership with Dolphin Entertainment Inc. Moreover, HOFV stock has increased 61.14% over the past 5 trading days.
About Hall of Fame Resort & Entertainment Co.
The Hall of Fame Resort and Entertainment Co., established in 2020, is a prominent sport, media, and entertainment enterprise that is headquartered in Canton, Ohio, United States. The publicly traded HOFV came into existence as a result of a merger between Hall of Fame Village LLC., powered by Johnson Controls, and Gordon Pointe Acquisition (GPAQ). HOFV is led by the experienced executive, Michael Crawford. It is a platform that continuously allows for the development of a unified destination Hall of Fame Village resort in Ohio. HOFV has envisioned itself to create an entertainment company and one of a kind resort that pursues excellence in whatever they do.
Agreement with Dolphin Entertainment
On 23rd March 2021, HOFV signed a partnership agreement with Dolphin Entertainment, a leading PR and marketing communications agency in the United States, to offer NFTs (Non-Fungible Tokens). NFTs will allow professional football and entertainment sports fans to sell and buy exclusive content developed by HOFV and partners. The partnership agreement is another way for HOFV to create revenue from its flourishing media division. Michael Crawford, the CEO of HOFV, said that this partnership will provide them with another prospect to unlock additional value from the media projects that are under development. This partnership is a reflection of how the demand for this new form of purchasing digital media and art has increased. The first offering of NFT is expected to be connected to HOFV’s H2H (Heisman 2 Hall), which represents the only 10 athletes that have been inducted into the pro Football Hall of Fame and have won a Heisman trophy.
The effect of partnership on HOFV stock
After the announcement of a partnership with Dolphin entertainment, the price of HOFV increased 94.79% in the after-hours trading session. The price went up to $7.86 from a closing price of $4.03. HOFV stock’s price has also been soaring the past 5 days and has increased 61.14% from $2.50 on the morning of 17th March. The fourth quarter results have also been announced by HOFV recently where they reported 4% revenue growth and $14.6 million loss in the fourth quarter.