24/7 Market News- Signing Day Sports to Acquire Majority Equity Interest in Swifty Global

September 19, 2024

DENVER, Colo., Sep 19, 2024 (247marketnews.com)- Signing Day Sports (NYSE: SGN) stated that it agreed to acquire 95-99% of the issued and outstanding shares of global sports and casino technologies company, Dear Cashmere Group Holding Company, doing business as Swifty Global.

Swifty is debt free, generated over $128 million revenue and net profit of approximately $2.44 million in 2023.

The Swifty transaction is structured as an all-equity deal and is projected to be the first transaction of Signing Day’s recent growth strategy to buy and build companies in the sports and casino technology industry and other synergistic companies.

James Gibbons, Swifty’s CEO, will become CEO of Signing Day Sports, after the anticipated October 31, 2024 transaction closing date, and he remarked, “We are delighted to have signed a binding term sheet with Signing Day Sports, following months of close collaboration.  The term sheet establishes the deal framework and valuation. Our team has worked tirelessly over the past four years to develop and grow the business organically in a profitable and cash positive manner with no debt and minimal dilution, in a highly regulated sector, obtaining numerous licenses and regulatory approvals globally which we believe demonstrates our ability to successfully execute a dynamic business plan in multiple jurisdictions. After three years of software development and millions of dollars of investment, the company is now perfectly positioned for rapid growth and our acquisition by Signing Day Sports provides Swifty the platform to execute its growth plans.”

Swifty holds gaming licenses in the UK, Ireland, South Africa, Curacao, and is expected to obtain a gaming license in Malta in the near future.

Daniel Nelson, Signing Day Sports, added, “It is with great excitement that we can announce the signing of a binding term sheet with Swifty Global to be the start of our new growth strategy of buying and building sports technology and casino gaming companies and other companies that are synergistic with our business.  I want to thank Nick, James and their team for their vision and insights that led to this agreement.  It was clear from the beginning that both Signing Day Sports and Swifty had great alignment and synergy and I believe we can build an exciting global sports technology platform together.  We both recognize there is a lot of hard work and important decisions still to be made, but we are confident that together, we will make powerful decisions that will build Signing Day Sports into a leading global sports technology company.”

The transaction values Signing Day Sports at $14 million and Swifty at $156 million, and the two companies will collectively try to raise at least $2 million in financing, with the proceeds split equally to be used for working capital.

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