Signing Day Sports, Inc. SGN shares are trading higher on Friday.
The company is skyrocketing following the announcement of two significant business moves that will accelerate the company's growth.
The sports tech firm revealed a new Sponsorship Agreement with the U.S. Army Bowl, which extends its role as the event's National Recruiting Partner through next year.
This agreement solidifies Signing Day's position as the manager of the U.S. Army Bowl's National and Regional Combines, allowing the company to promote its app and services while opening up new revenue-sharing opportunities.
Jeff Hecklinski, President of Signing Day Sports, shared that the collaboration with the U.S. Army Bowl, along with Goat Farm Sports, has already brought over 8,000 new football users to their SaaS model app, signaling a promising partnership.
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Recently, Signing Day also entered a stock purchase agreement to acquire a majority stake in Swifty Global, a global online sports and casino company, also known as Dear Cashmere Group.
Upon completion, Signing Day will hold a 99.13% stake in Swifty Global, marking a strategic acquisition aimed at enhancing operational efficiency and product development.
CEO Daniel Nelson highlighted that the acquisition would enable Signing Day to leverage Swifty Global's cutting-edge SaaS technology to reduce costs by over 50% and enhance their sports data and measurement services. Swifty Global also plans to expand its international gambling operations, aligning with Signing Day's vision to target high-growth markets.
According to Benzinga Pro, SGN stock has gained over 75% in the past five days.
Price Action: SGN shares are trading higher by 40% to $3.585 at last check Friday.
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