Signing Day Sports to Acquire Swifty Global in Strategic Technology Merger

January 29th, 2025 4:19 PM
By: Newsworthy Staff

Signing Day Sports has signed a Stock Purchase Agreement to acquire 99.13% of Swifty Global, a global online sports and casino technologies company, positioning both firms for significant international expansion and technological innovation in the gambling and sports technology sectors.

Signing Day Sports to Acquire Swifty Global in Strategic Technology Merger

Signing Day Sports has announced a strategic acquisition of Swifty Global, a technology company specializing in sports betting and gambling technologies, through a comprehensive Stock Purchase Agreement (SPA). The transaction involves purchasing 99.13% of Swifty Global's outstanding capital stock, marking a significant milestone for both organizations.

The merger represents a calculated move to leverage Swifty Global's robust financial performance and technological capabilities. For the fiscal year ending December 31, 2023, Swifty Global reported revenues exceeding $128 million and a net profit of approximately $2.44 million, despite substantial investments of nearly $3.1 million in software development and licensing.

Daniel Nelson, CEO of Signing Day Sports, emphasized the strategic rationale behind the acquisition. The company anticipates substantial operational benefits, including enhanced operational efficiency, potential cost reductions of over 50%, and accelerated product development. The merger is expected to drive user growth, improve customer retention, and create new revenue opportunities across emerging markets in Europe, Africa, and the Middle East.

Under the transaction's terms, the sellers will receive shares representing 19.99% of Signing Day Sports' issued and outstanding common stock. The remaining shares will be in the form of convertible preferred stock, contingent upon shareholder approval and regulatory clearances.

Following the acquisition, James Gibbons, currently CEO of Swifty Global, will assume the same role at Signing Day Sports and join its board of directors. The combined entity plans to seek at least $2 million in additional financing to support operational needs and resolve outstanding liabilities.

The merger is subject to several conditions, including Nasdaq's conditional approval of an initial listing application. Both companies will complete due diligence before finalizing the transaction, with the expectation of commencing trading on Nasdaq post-closing.

This strategic combination represents a significant step in the evolving landscape of sports technology and online gambling, potentially creating a more competitive and innovative platform in these rapidly changing sectors.

Source Statement

This news article relied primarily on a press release disributed by NewMediaWire. You can read the source press release here,

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