Corporate News Blog – Barington/Hilco Announces Intention to Adjourn Special Stockholder Meeting

LONDON, UK / ACCESSWIRE / July 31, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Barington/Hilco Acquisition Corp. (NASDAQ: BHAC) (“Barington/Hilco”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BHAC. The Company announced on July 28, 2017, that it intends to adjourn, without conducting any business, the special meeting of stockholders scheduled on 10.00 ET on July 31, 2017, and reconvene at 10.00 ET on August 09, 2017. The Special Meeting will be held at the offices of Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, NY 10036. Barington/Hilco is a blank check acquisition company which enters into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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The Special Meeting

The Special Meeting is being held to permit stockholders to vote upon a proposal to extend the time available for the Company to consummate a business combination from August 11, 2017, to December 31, 2017. Barington/Hilco entered into a merger agreement with Oomba, Inc., a specialized media, and software development Company. The Company is holding the Special Meeting so as to provide it with sufficient time to close the transactions set forth by the Merger Agreement.

In relation to the adjournment of the Special Meeting, the Company announced that it is extending the deadline for holders of the Company’s common stock to exercise their right to redeem their shares for their pro-rata portion of the funds available in the Company’s trust account in connection with the vote to approve the extension. Stockholders of record as of June 30, 2017, will be entitled to vote at the Special Meeting.

The Agreement

On May 16, 2017, Barington/Hilco announced that it had signed a definitive merger agreement with Oomba. Oomba also entered into an Asset Purchase Agreement with GameWorks Entertainment, LLC, a premier entertainment and gaming venue. Post the closure of the agreement, it was announced that the merged entity would operate as Oomba GameWorks. Oomba announced the purchase of assets of GameWorks Entertainment, LLC, and the merging of the Combined Company into a company with an agreed enterprise value of $60 million. Oomba GameWorks operates nine locations in large metropolitan areas across the United States.

Barington/Hilco viewed this announcement as a step to deliver tremendous value to its shareholders while realizing the unique portfolio of GameWorks and Oomba. Oomba is a growth-oriented company which announced further expansion into eSports and virtual reality (VR). According to Oomba, these two segments were the fastest-growing in the entertainment space. It is the Company’s vision to transform GameWorks into the largest chain of eSports stadiums across the United States.

Other Announcements

On July 24, 2017, the Company facilitated the auction of a former General Electric (NYSE: GE) plant site just south of downtown, in Youngstown, Ohio. The 2.9-acre site at Market and Hughes streets sold for $95,000 in an online auction, $20,000 more for the minimum bid for the property. Barington/Hilco, according to GameWorks, holds extensive experience in advising consumer-focused businesses, where the agreement with Oomba provides significant resources to support the planned development of a nationwide network of Oomba GameWorks locations.

Last Close Stock Review

At the closing bell, on Tuesday, July 25, 2017, Barington/Hilco’s stock ended the trading session flat at $10.24 with an average volume of 11.87 thousand shares. The Company’s stock price advanced 1.39% in the last three months and 4.60% in the past six months. Moreover, the stock gained 0.79% since the start of the year. The stock currently has a market cap of $19.53 million.

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