Signing Day Sports, Inc. - SGN STOCK NEWS

Signing Day Sports (NYSE: SGN) has extended the deadline to close its acquisition of Swifty Global from October 31 to November 22, 2024. The extension aims to secure necessary regulatory approvals. Swifty reported strong financial performance with $128 million in revenue and $2.4 million in net profit for FY2023. The planned acquisition would combine Signing Day Sports' recruitment platform with Swifty's SaaS-based gaming software and licensed operations in sports betting. The transaction involves acquiring 95-99% of Swifty's shares, subject to due diligence, definitive agreements, stockholder approval, and NYSE American listing requirements.

Signing Day Sports (NYSE American: SGN) announced a 1-for-48 reverse stock split effective November 16, 2024. The split will reduce outstanding shares from approximately 27.02 million to 0.56 million, and the public float from 20.56 million to 0.43 million shares. Trading under the same symbol SGN will begin on a split-adjusted basis on November 18, 2024, with a new CUSIP number 82670R 305.

Signing Day Sports (NYSE American: SGN) has provided an update on its acquisition of Swifty Global (OTC:DRCR). Key points include:

1. Both management teams are working on a strategic roadmap for growth and shareholder value.

2. Swifty has committed $150,000 in capital to Signing Day Sports via a promissory note to facilitate the closing process.

3. The companies have signed a binding term sheet for Signing Day Sports to acquire 95-99% of Swifty's shares.

4. The closing is subject to due diligence, definitive agreements, and post-closing requirements including NYSE American approval.

5. Both CEOs expressed confidence in the progress and potential of the combined entity.

Signing Day Sports (NYSE American: SGN) announces the 3rd Annual US Army Bowl National Combine, set for December 18-21, 2024, at The Star, the Dallas Cowboys Practice Facility in Frisco, Texas. Expected to be the largest football combine in the nation for 2024, the event aims to attract over 1,500 participants from high school classes of 2026, 2027, and 2028.

The combine will generate upfront revenue through event registration fees and exclusive merchandise sales to participants and fans. It precedes the prestigious US Army National High School All-Star Game and offers enhanced visibility to college recruiters and professional scouts through the Signing Day Sports app integration.

Jeff Hecklinski, President of Signing Day Sports, expressed excitement about hosting the event at a world-class venue and anticipates a record-setting event in terms of attendance and talent showcase.

Signing Day Sports (NYSE American: SGN) has provided an update on its financial position and plans to acquire Swifty Global. Key highlights include:

1. Extinguishment of $0.6 million in convertible notes, improving the company's financial position.

2. Acquisition of 95-99% of Swifty Global, a profitable company with $128 million in revenue for FY 2023.

3. Expected synergies include cost efficiency, revenue growth in SaaS, new revenue streams, and global market expansion.

4. Swifty's in-house engineering team is anticipated to reduce Signing Day Sports' operating costs by over 50%.

5. Plans to enhance user engagement through gamification elements and expand into new sports markets.

The acquisition is expected to drive accelerated growth, cost savings, and global expansion for both companies.

Signing Day Sports (SGN) has signed a binding term sheet to acquire 95-99% of Swifty Global, a sports and casino technologies company. This all-equity deal marks SGN's new growth strategy in the sports and casino technology industry. Key points:

1. Swifty achieved $128 million revenue and $2.44 million net profit in FY2023.
2. Transaction based on $14 million equity value for SGN and $156 million for Swifty.
3. SGN shareholders to retain 8.24% of post-transaction company; 91.76% issued to Swifty stockholders.
4. Swifty CEO James Gibbons to become CEO of combined company.
5. Closing anticipated by October 31, 2024, subject to conditions.

The acquisition aims to leverage Swifty's development team, reduce costs, and accelerate SGN's product development and rollout plans.

Signing Day Sports (NYSE American: SGN) reported strong financial results for Q2 and H1 2024. The company achieved 75% year-over-year revenue growth for Q2 2024 and 157% growth for H1 2024. Revenue totaled $0.20 million in Q2 and $0.44 million in H1 2024. The growth was primarily driven by increases in event and subscription revenue. Paid subscriptions increased by 42% in Q2 and 96% in H1 compared to 2023. The retention rate for paid subscriptions was over 45% for Q2 2024.

Despite revenue growth, the company reported a net loss of $1.3 million in Q2 and $3.8 million in H1 2024. General and administrative expenses increased significantly. The company expanded its platform to include baseball, softball, and soccer recruitment, and formed strategic alliances to gain access to key recruitment events.

Signing Day Sports (NYSE American: SGN) reported a 334% year-over-year revenue growth for Q1 2024, reaching approximately $235,000 compared to $54,000 in Q1 2023. Monthly paid subscriptions increased by over 200%, and the conversion rate from free trials to paid subscriptions exceeded 40%. The company has focused on expanding its app and user base, including bringing app development in-house and hiring an in-house engineer. However, higher expenses were noted, including $2.1 million in advertising, marketing, and administrative costs, leading to a net loss of $2.5 million for Q1 2024, up from $865,000 in Q1 2023.

Signing Day Sports, Inc. provided an update on its annual report, revealing audited financial statements for the fiscal year ended December 31, 2023. The report included an audit opinion with a going concern emphasis of matter paragraph. This announcement is in compliance with NYSE American regulations and does not alter any previous filings for the year.