Signing Day Sports, Inc. (SGN) has released an update to notify the public and investors about the unregistered sales of equity securities.
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Signing Day Sports, Inc. entered into a Purchase Agreement with Tumim Stone Capital LLC, establishing a $25 million equity financing facility, subject to terms and meeting certain conditions. The agreement includes Tumim’s commitment to buy common stock up to a 4.99% ownership limit, and a Registration Rights Agreement requiring the registration of these shares. The Company issued Commitment Shares to Tumim valued at $470,360.45 and paid $29,639.55 in cash for shares that couldn’t be issued due to ownership limits. If conditions are not met by February 15, 2024, the Company faces additional obligations, including a potential $500,000 payment to Tumim and the issue of Penny Warrants. Boustead Securities acts as the placement agent, receiving shares and warrants as compensation, with the transactions being exempt from certain registration requirements.
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