Signing Day Sports to Acquire up to 99% Interest in Swifty Global; Shares Surge Pre-Bell

MT Newswires Live09-19

Signing Day Sports (SGN) shares more than doubled premarket Thursday after the company said that it signed a binding term sheet to acquire 95% to 99% of the outstanding shares of sports and casino technologies company Dear Cashmere Group Holding, doing business as Swifty Global, in an all-equity deal.

Sellers of Swifty stock will receive 19.99% of the issued and outstanding common stock of Signing Day Sports and the remaining shares to be issued will be in the form of convertible preferred stock with no voting or dividend rights, Signing Day Sports said.

Signing Day Sports' shareholders are expected to retain 8.24% of the post-transaction company's shares, with the remaining 91.76% being issued to the sellers and other stockholders of Swifty.

The companies will collectively seek to raise at least $2 million in financing, with the proceeds to be split equally and used for working capital, including the payment of outstanding liabilities of Signing Day Sports.

The transaction, which is based on an equity value of $14 million for Signing Day Sports and $156 million for Swifty, is anticipated to close by Oct. 31 and result in the combined company being traded on NYSE American, Signing Day Sports said.

Price: 0.2500, Change: +0.12, Percent Change: +92.46

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