Core Viewpoint - Signing Day Sports has signed a Stock Purchase Agreement to acquire 99.13% of Swifty Global, which is expected to enhance its growth potential and operational efficiency through Swifty Global's advanced technology and market presence [1][2]. Financial Performance - Swifty Global reported revenues exceeding $128 million and a net profit of approximately $2.44 million for the fiscal year ending December 31, 2023, despite investing nearly $3.1 million in software development and licensing [4]. Growth Strategies - The acquisition is anticipated to leverage Swifty Global's SaaS technology to reduce costs by over 50% and accelerate product development, aiming for increased user growth and retention while expanding into emerging markets in Europe, Africa, and the Middle East [2][4]. - Swifty Global plans to introduce data feed services for the online sports gambling industry, which is currently limited and expensive, thus creating new revenue opportunities [4]. Transaction Details - Upon closing, Signing Day Sports will acquire common and preferred stock from the sellers, with the sellers receiving shares equivalent to 19.99% of Signing Day Sports' outstanding common stock as of the SPA date [3][4]. - The transaction will result in James Gibbons becoming the CEO of Signing Day Sports while retaining his position at Swifty Global [6]. Future Plans - Signing Day Sports and Swifty Global will seek to raise at least $2 million in financing to support operations and settle outstanding liabilities, ensuring no material liabilities remain at the time of preferred stock conversion [10]. - Following the acquisition, Signing Day Sports will consolidate Swifty Global's financial statements and operate it as a subsidiary [7].
Signing Day Sports Executes Stock Purchase Agreement to Acquire Majority of Capital Stock of Dear Cashmere Group Holding Company d/b/a Swifty Global