Signing Day Sports, Inc. (NYSE American: SGN), the developer behind the Signing Day Sports app for high school athletes in the college recruitment process has revealed the pricing of its initial public offering (IPO).
The offering comprises 1,200,000 shares of common stock at $5.00 per share, generating gross proceeds of $6,000,000. Trading of the shares is set to commence on November 14, 2023, on the NYSE American LLC stock exchange under the symbol “SGN.” The closing of the offering is anticipated on November 16, 2023, subject to customary closing conditions.
After deducting underwriting discounts, commissions, and other expenses, the net proceeds to the company are expected to be approximately $4.8 million. Signing Day Sports plans to utilize the net proceeds for technology platform development, sales team expansion, marketing efforts, and general corporate purposes.
The underwriters have a 45-day option to purchase an additional 180,000 shares at the offering price. Boustead Securities, LLC is the sole book-running manager for the offering. Legal counsel is provided by Bevilacqua PLLC for the company and Anthony L.G., PLLC for Boustead Securities, LLC in connection with the offering. The offering is conducted under the company’s Registration Statement on Form S-1 (File No. 333-271951), declared effective by the U.S. Securities and Exchange Commission (SEC) on November 13, 2023.
College recruiting tech continues to evolve as the value of a scholarship and NIL makes it enticing.
