24/7 Market News Snapshot 19 September, 2024 – Signing Day Sports, Inc. (NYSE:SGN)

September 19, 2024

DENVER, Colo., 19 September, 2024 (247marketnews.com) – (NYSE:SGN) are discussed in this article.
In a remarkable pre-market surge, Signing Day Sports, Inc. (SGN) is experiencing a significant bullish trend, currently trading at $0.235, reflecting an impressive increase of approximately 80.91% from the prior close of $0.130. With a trading volume reaching 5.27 million shares, the heightened investor enthusiasm underscores a strong market confidence, likely spurred by pivotal developments for the company.

Notably, Signing Day Sports has signed a binding term sheet to acquire a substantial majority stake in Dear Cashmere Group Holding Company, operating as Swifty Global. This strategic acquisition includes an equity swap, with SGN planning to issue its shares to control between 95% and 99% of Swifty, avoiding cash outlay and thereby minimizing development costs while accelerating product enhancement timelines.

Swifty is recognized for its scalable, certified gaming technology and possesses licenses across key jurisdictions, including the UK and Ireland. The company has reported impressive financial results, with over $128 million in revenue and approximately $2.44 million in net profit for the fiscal year ending December 31, 2023. This robust performance, coupled with a focus on consumer operations and software licensing, positions Swifty for rapid growth in the competitive sports and technology landscape.

Leadership from both companies is optimistic about the collaboration. James Gibbons, CEO of Swifty, highlighted the exciting potential for accelerated growth and innovation, while Daniel Nelson, CEO of Signing Day Sports, conveyed enthusiasm for combining their capabilities to enhance the athlete experience and engage a broad audience. The acquisition is anticipated to close by October 31, 2024, pending requisite regulatory approvals, heralding a new chapter for both entities in redefining opportunities within the sports technology sector.

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