Sign Day Sports Co., Ltd.
Management is passionate about building an integrated company focused on driving growth and maximizing shareholder value
Swifty Global deploys capital to expedite closing process
SCOTTSDALE, Ariz., Oct. 7, 2024 (Globe Newswire) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), developer of the Signing Day Sports app and platform. In order to assist high school athletes in their recruiting process, today we announced the process to complete the recently announced transaction to acquire Dear Cashmere Group Holding Company (OTC:DRCR), doing business as Swifty Global (“Swifty”). We have provided the latest information.
The management teams of both companies have worked closely together to develop a strategic roadmap focused on driving long-term growth and increasing shareholder value. These efforts will improve operational efficiency and transparency by streamlining processes and improving reporting mechanisms to create a more accountable and effective framework for future success. The emphasis is on Innovation is also a priority and we plan to accelerate product development in response to market demand. As part of this strategy, both teams are actively identifying new revenue sources to diversify their business models and strengthen profitability. Additionally, they are exploring international opportunities for global expansion. At the core of their approach is a commitment to revenue growth, supported by sound management and strategic initiatives aimed at increasing revenue. This roadmap emphasizes a shared vision for growth and a unified effort to deliver increased shareholder value.
Although there is no guarantee that the acquisition will be completed, both companies are fully committed to proceeding with the transaction with the utmost dedication and urgency and are committed to ensuring that the process continues to move forward as quickly and efficiently as possible. I am working deeply on this. The strong foundation of mutual trust and shared vision between Signing Day Sports and Swifty has fostered a collaborative spirit that continues to drive our joint efforts. This strong collaboration, based on transparency and aligned goals, will allow both companies to not only finalize the terms of the deal, but also continue to grow together towards shared success.
As a sign of significant commitment, Swifty has also committed to provide interim capital to Signing Day Sports in the form of promissory notes (the “Promissory Notes”) totaling $150,000. The financing is intended to facilitate the transaction and offset some of the closing costs associated with the acquisition, and reflects the confidence both management teams have in the combined company’s significant potential. Masu.
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“We remain very enthusiastic about acquiring Swifty Global,” said Daniel Nelson, CEO of Signing Day Sports. “A signed binding term sheet is an important first step, and we are encouraged by the progress the management team and their respective counsel have made in advancing the acquisition. We quickly built a strong foundation of commitment, but this usually takes longer to build. I believe that when people come together around a common vision and goal, great things can be achieved. This is why we have full confidence in both management teams’ ability to complete this acquisition in an efficient and timely manner.”
James Gibbons, CEO of Swifty Global, commented: “We are truly excited to see the impressive progress that both Signing Day Sports and Swifty have made in such a short period of time as we move toward closing the acquisition. Built on a shared commitment to fast and successful completion. To further demonstrate our dedication to this cooperation, we will reduce costs as we move into the final stages of the transaction. The management and legal teams of both companies are working diligently to make this strategic alliance a reality. We believe that together we can strengthen our brand and position our company for global growth and innovation within our industry.”
The terms and conditions of the promissory note, including without limitation applicable interest rates, repayment dates, and conversion terms, are subject to agreement by Swifty and us and, if applicable, NYSE American LLC (“NYSE American”). Subject to the foregoing, upon execution of the promissory note, a copy of the promissory note will be filed as a filing with the Company’s Current Report on Form 8-K with the Securities and Exchange Commission (the “SEC”). ). All parties seeking further information regarding the terms of the promissory note are encouraged to review the Form 8-K and accompanying exhibits available on the SEC’s website at www.sec.gov.
The Company, Swifty, and Swifty shareholders James Gibbons and Nicholas Link (the “Sellers”) have entered into a binding term sheet dated September 18, 2024. It contains important terms and conditions regarding the potential transaction if consummated. will result in the acquisition of between 95% and 99% of the issued and outstanding shares of the share capital of DRCR at the time of closing (the “Term Sheet”). Closing is subject to the execution of a definitive stock purchase agreement and the satisfaction or waiver of conditions, including completion of due diligence and satisfaction or waiver of closing conditions. If a closing occurs, certain post-closing requirements will apply, such as shareholder approval of related matters and NYSE American approval of an initial initial listing application, and if such requirements are not met within a certain period, Acquisitions may be unwound. Shares of Swifty by the Company at the close of the transaction. There can be no assurance that a definitive stock purchase agreement will be entered into, that closing will occur, or that post-closing acquisition requirements will be satisfied. A detailed description of the term sheet is included in the Company’s Current Report on Form 8-K filed with the SEC on September 19, 2024, and a copy of the term sheet is attached to such Form 8-K. Submitted as a document. K.
For more information about Signing Day Sports and Swifty, please see the communication channels listed below.
Website: https://swifty.global
X: @swiftyglobal
Email: hello@swifty.global
Website: https://signingdaysports.com
E-commerce website: https://signingdayshop.com
Investor information website: https://ir.signingdaysports.com
X: @sdsports
Email: support@signingdaysports.com
Forward-looking statements
This press release contains “forward-looking statements” that involve significant 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 include forward-looking statements that “may,” “could,” “will,” “should,” “will,” “expected,” ” It may be identified by the use of words such as “plans” or “intends.” “‘anticipate,’ ‘believe,’ ‘estimate,’ ‘predict,’ ‘may,’ ‘predict,’ or ‘continue,’ or the negative of these terms, or other equivalents.” term. These statements are predictions only. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including NYSE American’s authorization to issue common stock upon conversion of the promissory note. please. Conversion is permitted based on the promissory note, our ability to repay the promissory note, our ability to complete the acquisition of Swifty and integrate our operations, and the ability of us, the seller and Swifty to enter into a definitive stock purchase agreement. . (s) to obtain all necessary consents and approvals in connection with the Acquisition, obtain NYSE American approval for any new initial public listing application in connection with the Acquisition, and matters to be voted on at a general meeting of stockholders to approve matters; our ability to obtain sufficient capital to maintain our operations and develop additional services and offerings; Market acceptance of our current products and services and planned offerings, competition with existing online and service retail offerings or new products that may emerge, strategic changes to our business may affect our ability to the impact on our net sales, earnings, earnings from continuing operations or other results of operations, our ability to attract new users and customers, increase subscription rates, drive renewals and slow user attrition; our ability to retain or obtain property rights, our ability to adequately support our future growth, our ability to comply with user data privacy laws and other current or anticipated legal requirements, and our ability to effectively operate our business; the Company’s ability to attract and retain key personnel; These risks, uncertainties and other factors are further discussed in the section titled “Risk Factors” in our periodic reports filed with the SEC. These risks, uncertainties and other factors are, in some cases, beyond our control and may materially affect our results. If one or more of these risks, uncertainties or other factors apply, or if the Company’s underlying assumptions prove incorrect, actual events or results may differ from forward-looking statements. may differ materially from what is implied or predicted. Forward-looking statements are not guarantees of future performance. The forward-looking statements contained in this announcement are made as of the date hereof, and we undertake no obligation to update such information except as required by applicable law.
Investor contact information:
Crescendo Communications, LLC
212-671-1020
SGN@crescendo-ir.com