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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 20, 2024
SIGNING DAY SPORTS, INC. |
(Exact name of registrant as specified in its charter) |
Delaware |
|
001-41863 |
|
87-2792157 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
8355 East Hartford Rd., Suite 100, Scottsdale, AZ |
|
85255 |
(Address of principal executive offices) |
|
(Zip Code) |
(480) 220-6814 |
(Registrant’s telephone number, including area code) |
|
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
SGN |
|
NYSE American LLC |
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities
Exchange Act of 1934.
Emerging Growth Company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On August 20, 2024,
Signing Day Sports, Inc. (the “Company”) issued a press release providing a business update and announcing selected financial
results for the three and six months ended June 30, 2024. A copy of the press release is
furnished as Exhibit 99.1 to this report.
The
information furnished pursuant to this Item 2.02 (including Exhibit 99.1 hereto), shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference into any filing under the Exchange Act or the Securities
Act of 1933, as amended (the “Securities Act”), except as expressly set forth by specific reference in such a filing.
Forward-Looking Statements
The press release and the
statements contained therein include “forward-looking” statements within the meaning of Section 27A of the Securities
Act and Section 21E of the Exchange Act, which statements involve substantial risks and uncertainties. Forward-looking statements generally
relate to future events or the Company’s future financial or operating performance. In some cases, you can identify these statements
because they contain words such as “may,” “will,” “believes,” “expects,” “anticipates,”
“estimates,” “projects,” “intends,” “should,” “seeks,” “future,”
“continue,” “plan,” “target,” “predict,” “potential,” or the negative of such
terms, or other comparable terminology that concern the Company’s expectations, strategy, plans, or intentions. Forward-looking statements relating
to expectations about future results or events are based upon information available to the Company as of today’s date and are not
guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed.
The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to differ materially from those projected, including risks and uncertainties
described in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other
filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements concerning
the Company or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety
by the cautionary statements above. The Company does not undertake any obligation to publicly update any of these forward-looking statements to
reflect events or circumstances that may arise after the date hereof, except as required by law.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: August 20, 2024 |
SIGNING DAY SPORTS, INC. |
|
|
|
/s/ Daniel Nelson |
|
Name: |
Daniel Nelson |
|
Title: |
Chief Executive Officer |
2
Exhibit
99.1
Signing
Day Sports Announces Selected Financial Results for Three and Six Months Ended June 30, 2024
Achieves
75% Year-Over-Year Revenue Growth for Q2 2024 and 157% Growth for H1 2024
Retention
Rate for Paid Subscriptions at More than 45% for Q2 2024
SCOTTSDALE,
Ariz., August 20, 2024 -- Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN),
the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today provided a
business update and announced selected financial results for the three and six months ended June 30, 2024.
Daniel
Nelson, Chief Executive Officer and Chairman of Signing Day Sports, stated, “We are proud to announce 75% year-over-year revenue
growth for Q2 2024 compared to Q2 2023, along with an even more remarkable 157% year-over-year revenue growth for the first half of 2024
compared to the same period last year. This impressive growth is primarily driven by increases in both event and subscription revenue.
Since going public in late 2023, the Company has been laser-focused on expanding the Signing Day Sports app and attracting more student-athletes
to our platform. In 2024, we have taken strategic steps to better position the Company for long-term success, including bringing application
development in-house and hiring an in-house engineer to elevate the app to the next level.”
“We
know that we are building something truly special that can positively impact many lives. The connections we have made across the country
have been incredibly encouraging for our team and it is inspiring to see how they engage with so many people, working together toward
a shared goal. The energy and dedication we have experienced is remarkable and we are excited to continue building relationships, supporting
student-athletes and their families in reaching their goals,” concluded Mr. Nelson.
Jeff
Hecklinski, President of Signing Day Sports, stated, “Throughout 2024, we have made significant enhancements to the Signing Day
Sports app, which continues to earn praise from student-athletes and their families as they navigate their way through the recruiting
process. Alongside our focus on app development, we are also dedicated to expanding our paid subscriber base. In Q2 2024, paid subscriptions
increased by 42% compared to the same quarter in 2023, with an impressive 96% growth in the first half of 2024 compared to the same period
in 2023. The Signing Day Sports app has been used by student-athletes and their families and the college programs across the country
that use the app to identify good fits for their respective programs.”
“Based
on the growth in paying app users during the first half of 2024, we anticipate continued growth in paid user subscriptions and revenue
moving forward. Our enhanced presence at recruiting events has exposed more student-athletes to the app through a free one-month trial.
Our retention rate for paid subscriptions from month to month was over 45% for the fiscal quarter ended June 30, 2024. During the past
quarter, we also began to see the impact of our strategic alliances with GOAT Farm Sports (U.S. Army Bowl) and SAJE Enterprises (EDP
Soccer), which provide us with preferential access to key recruitment events where we serve as the official sponsor. Moreover, our platform
expansion to include baseball, softball, and soccer recruitment has broadened our reach and aligns with the goals of these collaborations.
We believe these initiatives will drive new subscriptions, boost renewal rates, and lower user attrition. We’re excited to build
upon our progress in the second half of 2024 and beyond.”
Financial
results for the three months ended June 30, 2024
| ● | Revenue
totaled approximately $0.20 million for the quarter ended June 30, 2024, an increase of 75%,
compared to approximately $0.12 million for the comparable 2023 quarter. |
| ● | Cost
of revenues totaled approximately $0.06 million for the three months ended June 30, 2024,
compared to approximately $0.01 million for the three months ended June 30, 2023. |
| ● | Advertising
and marketing expenses were approximately $0.001 million for the three months ended June
30, 2024, compared to approximately $0.107 million for the 2023 comparable period. |
| ● | General
and administrative expenses were approximately $1.27 million for the three months ended June
30, 2024, compared to approximately $0.67 million for the 2023 comparable period. |
| ● | Net
loss was approximately $1.3 million, and diluted loss per share was $0.08, for the three
months ended June 30, 2024, compared to a net loss of approximately $0.9 million, and diluted
loss per share of $0.11, for the three months ended June 30, 2023. |
Financial
results for the six months ended June 30, 2024
| ● | Revenue
totaled approximately $0.44 million for the six months ended June 30, 2024, an increase of
157%, compared to approximately $0.17 million for the comparable 2023 period. |
| ● | Cost
of revenues totaled approximately $0.13 million for the six months ended June 30, 2024, compared
to approximately $0.01 million for the six months ended June 30, 2023. |
| ● | Advertising
and marketing expenses were approximately $0.09 million for the six months ended June 30,
2024, compared to approximately $0.20 million for the 2023 comparable period. |
| ● | General
and administrative expenses were approximately $3.31 million for the six months ended June
30, 2024, compared to approximately $1.22 million for the 2023 comparable period. |
| ● | Net
loss was approximately $3.8 million, and diluted loss per share was $0.25, for the six months
ended June 30, 2024, compared to a net loss of approximately $1.7 million, and diluted loss
per share of $0.22, for the six months ended June 30, 2023. |
The
selected results included in this press release should be reviewed together with the Company’s complete financial results
as of and for the three and six months ended June 30, 2024. The complete financial results as of and for the three and six months ended
June 30, 2024 are available in the Company’s Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission
on August 19, 2024, and is available at: www.sec.gov.
Signing
Day Sports
Signing
Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows
student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate
and verify them through video technology. The Signing Day Sports app includes a platform to upload a comprehensive data set including
video-verified measurables (such as height, weight, 40-yard dash, wingspan, and hand size), academic information (such as official transcripts
and SAT/ACT scores), and technical skill videos (such as drills and mechanics that exemplify player mechanics, coordination, and development).
For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.
Forward-Looking
Statements
This
press release contains “forward-looking statements” that are subject to substantial 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 may be identified by the use of words such as “may,” “could,” “will,”
“should,” “would,” “expect,” “plan,” “intend,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “project” or “continue”
or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance
on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation,
the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market
acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings
or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from
continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate
of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property
rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy
laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage
its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors”
in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other
factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other
factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from
those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking
statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except
as required under applicable law.
Investor
Contacts:
Crescendo
Communications, LLC
212-671-1020
SGN@crescendo-ir.com
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Signing Day Sports (AMEX:SGN)
Gráfica de Acción Histórica
De Oct 2024 a Oct 2024
Signing Day Sports (AMEX:SGN)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024