Signing Day Sports Provides Announcement on Its Annual Report

Rhea-AI Summary

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.

Insights

Financial Analyst

The inclusion of a going concern emphasis in an audit report typically points to financial uncertainties within a company that may cast significant doubt on the entity's ability to continue as a going concern. For investors, this could signal potential risk as it often preludes financial distress, potential restructurings, or the need for new capital infusions. Investors should monitor subsequent filings and management's plans to address these concerns, including potential fundraising, asset sales, or operational changes. The financial health of a company is paramount and a going concern note is a stern reminder to closely scrutinize the company's balance sheet, cash flows and operational efficiency. It is pertinent to assess the impact of such a note on the company's borrowing capacity and the terms of any existing debt agreements that might be affected by covenants.

Market Research Analyst

The market sentiment around companies that receive a going concern notice can be severely impacted. Investors may perceive the notice as a red flag, which can lead to decreased stock prices due to the selling pressure from shareholders looking to exit their positions amidst heightened risk. It's important to evaluate the industry landscape and competitive position of Signing Day Sports to ascertain whether the company has a viable path forward or is being outpaced by competitors with more robust financial health. The company's ability to innovate and adapt to market demands in a financially strained environment will be important to watch. Additionally, investors should be aware of market trends within the sports recruitment technology sector that might either alleviate or compound the risks identified by the company's auditors.

SCOTTSDALE, Ariz, May 03, 2024 (GLOBE NEWSWIRE) -- Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today advises that its audited consolidated financial statements for the fiscal year ended December 31, 2023, included in the Company’s Annual Form on Form 10-K filed with the Securities and Exchange Commission on March 29, 2024, contained an audit report from its independent registered public accounting firm with a going concern emphasis of matter paragraph. Release of this information is required by Sections 401(h) and 610(b) of the NYSE American LLC Company Guide, which require separate public announcement of the receipt of an audit opinion containing a going concern paragraph. It does not represent any change or amendment to any of the Company’s filings for the fiscal year ended December 31, 2023.

About Signing Day Sports

Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development).  For more information on Signing Day Sports, go to https://ir.signingdaysports.com/overview/default.aspx.

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors. These risks and uncertainties are, in some cases, beyond our control and could materially affect results. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. These and other risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Contacts:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com

FAQ

What did Signing Day Sports announce regarding its annual report?

Signing Day Sports announced the release of its audited consolidated financial statements for the fiscal year ended December 31, 2023.

What was highlighted in the audit report for Signing Day Sports?

The audit report contained a going concern emphasis of matter paragraph.

When was the audit opinion included in Signing Day Sports' annual report released?

The audit opinion was included in the Company's Annual Form on Form 10-K filed with the Securities and Exchange Commission on March 29, 2024.

What regulatory requirements prompted Signing Day Sports to make this public announcement?

Sections 401(h) and 610(b) of the NYSE American Company Guide required the separate public announcement of the receipt of an audit opinion containing a going concern paragraph.

Does this announcement indicate any changes to Signing Day Sports' previous filings?

No, this announcement does not represent any change or amendment to any of the Company's filings for the fiscal year ended December 31, 2023.