In a recent 8-K filing with the Securities and Exchange Commission, Signing Day Sports, Inc., a Delaware-based company specializing in computer processing and data preparation, disclosed several key corporate developments following their annual meeting held on September 18, 2024.
The company, which trades on the NYSE American LLC under the ticker symbol SGN, announced that its stockholders had voted to approve the Amended and Restated 2022 Equity Incentive Plan.
This plan amends the original 2022 Equity Incentive Plan by increasing the number of shares available for grant by an additional 2,250,000 shares and making corresponding changes. Full details of the plan were included in the company’s definitive proxy statement filed on August 9, 2024.
Additionally, the filing revealed the election results for its board of directors. Five nominees were elected to serve until the 2025 annual meeting of stockholders. The elected directors are Daniel Nelson, Jeffry Hecklinski, Roger Mason Jr., Greg Economou, and Peter Borish. The stockholders also ratified the appointment of BARTON CPA as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Furthermore, stockholders approved the issuance of all shares of common stock issued or issuable pursuant to various agreements with FirstFire Global Opportunities Fund, LLC and Boustead Securities, LLC. These approvals are in compliance with Section 713(a) of the NYSE American LLC Company Guide.
In other recent news, Signing Day Sports made several significant financial moves. The company issued a $100,000 promissory note to CEO Daniel D. Nelson, carrying a high-interest rate of 20% compounded monthly.
The company also entered into an agreement with FirstFire Global Opportunities Fund, allowing the repurchase of unexercised warrants that could total to an aggregate consideration of $100,000.
Additionally, Signing Day Sports has entered into a consulting agreement with Clayton Adams, who will provide strategic advice on mergers and acquisitions. Adams will receive 127,826 shares of common stock and an additional 668,841 shares as a private placement for his services. The company has also revised the employment agreement with CEO Daniel Nelson, with specific severance terms outlined in the event of termination.
Furthermore, the company disclosed a material agreement with its outside securities counsel, Bevilacqua PLLC (BPLLC). The agreement defers a payment of $684,350.98 until the next major financial transaction, and BPLLC was issued a pre-funded warrant to purchase 2.5 million shares of common stock.
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