In a recent 8-K filing with the Securities and Exchange Commission, Signing Day Sports, Inc., a Delaware-based firm focusing on computer processing and data preparation, unveiled several significant corporate developments following their annual meeting on September 18, 2024.
The company, listed on the NYSE American LLC under the ticker SGN, reported that its stockholders approved the Amended and Restated 2022 Equity Incentive Plan. This amended plan increases the number of shares available for grant by an additional 2,250,000 shares, with corresponding adjustments. Comprehensive details of the plan were included in the company’s definitive proxy statement filed on August 9, 2024.
Additionally, the filing disclosed the election results for the 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. 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.
Stockholders further approved the issuance of all shares of common stock issued or issuable under various agreements with FirstFire Global Opportunities Fund, LLC, and Boustead Securities, LLC, in compliance with Section 713(a) of the NYSE American LLC Company Guide.
In other notable developments, Signing Day Sports executed several financial transactions. The company issued a $100,000 promissory note to CEO Daniel D. Nelson, featuring a high-interest rate of 20% compounded monthly. Additionally, the company made an agreement with FirstFire Global Opportunities Fund, allowing for the repurchase of unexercised warrants totaling up to $100,000 in consideration.
Signing Day Sports also 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 in a private placement for his services. The company has revised the employment agreement with CEO Daniel Nelson, detailing specific severance terms in the event of termination.
Moreover, the company disclosed a material agreement with its external securities counsel, Bevilacqua PLLC (BPLLC). This agreement defers a payment of $684,350.98 until the next major financial transaction, with BPLLC receiving a pre-funded warrant to purchase 2.5 million shares of common stock.
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