Signing Day Sports Terminates Acquisition Agreement with Swifty Global
Scottsdale, Arizona – March 6, 2025
Signing Day Sports, Inc. (SGN), a leading developer of apps and platforms to aid high school athletes in the recruitment process, announced today the termination of its previously announced stock purchase agreement with Swifty Global (OTC: DRCR). The termination comes after the Company, in consultation with its legal counsel and board of directors, determined that the parties to the agreement would not be able to satisfy or waive certain material conditions to the closing of the transactions contemplated by the agreement within the foreseeable future.
Background of the Agreement
The Purchase Agreement was announced on January 24, 2025, and called for Signing Day Sports to acquire 99.13% of the issued and outstanding capital stock and aggregate voting power of Swifty Global. The acquisition was expected to enhance Signing Day Sports’ presence in the sports technology industry and expand its offerings to include additional services for athletes and teams.
Reason for Termination
According to a statement released by Signing Day Sports, the termination was a result of the inability of the parties to satisfy certain conditions to the closing of the transaction. The statement did not provide further details on the specific conditions, but did mention that the Company had been in ongoing discussions with Swifty Global regarding these matters.
Impact on Signing Day Sports
The termination of the acquisition agreement may result in some short-term consequences for Signing Day Sports. The Company may incur transaction costs related to the termination, such as legal and advisory fees. Additionally, the loss of the acquisition may impact Signing Day Sports’ growth prospects and financial performance, as the acquisition was expected to contribute to the Company’s revenue and earnings.
Impact on Swifty Global
The termination of the acquisition agreement may also have implications for Swifty Global. The Company may need to find alternative strategies to grow its business and generate revenue, as the acquisition would have provided a significant infusion of capital and resources. Swifty Global may also face costs related to the termination, such as advisory fees and expenses incurred in preparation for the acquisition.
Market Reaction
Following the announcement of the termination, Signing Day Sports’ stock price declined by approximately 10%. Swifty Global’s stock price remained relatively stable.
Looking Ahead
Signing Day Sports remains committed to its mission of providing innovative solutions to help high school athletes navigate the recruitment process. The Company will continue to explore opportunities for growth and expansion, and will provide updates to the market as appropriate.
- Signing Day Sports terminated its acquisition agreement with Swifty Global due to the inability of the parties to satisfy certain material conditions to the closing of the transaction.
- The termination may result in short-term costs for Signing Day Sports, and may impact the Company’s growth prospects and financial performance.
- Swifty Global may need to find alternative strategies to grow its business and generate revenue, and may face costs related to the termination.
- Signing Day Sports remains committed to providing solutions for high school athletes and will continue to explore opportunities for growth.
In conclusion, the termination of the acquisition agreement between Signing Day Sports and Swifty Global may result in short-term costs and potential long-term implications for both companies. Signing Day Sports will need to find alternative strategies for growth, while Swifty Global may need to explore new opportunities to generate revenue. Despite this setback, both companies remain committed to their respective missions and will continue to serve their customers and stakeholders.
Signing Day Sports remains focused on its mission of providing innovative solutions to help high school athletes navigate the recruitment process. The Company will continue to explore opportunities for growth and expansion, and will provide updates to the market as appropriate.
For more information about Signing Day Sports, please visit the Company’s website at https://signingdaysports.com/.
