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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) November 25, 2024

 

SIGNING DAY SPORTS, INC.
(Exact name of registrant as specified in its charter)

 

Delaware   001-41863   87-2792157
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

8355 East Hartford Rd., Suite 100, Scottsdale, AZ   85255
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (480) 220-6814

 

 
(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   SGN   NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging Growth Company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) by Signing Day Sports, Inc., a Delaware corporation (the “Company”), on May 17, 2024, as amended on May 21, 2024, under a Securities Purchase Agreement, dated as of May 16, 2024, between the Company and FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”), the Company issued FirstFire a Common Stock Purchase Warrant, dated May 16, 2024 (the “Warrant”), which may be exercised to purchase of up to 28,646 shares of the Company’s common stock, par value $0.0001 per share (“common stock”), subject to the terms and conditions of the Warrant.

 

As previously reported in a Current Report on Form 8-K filed with the SEC by the Company on November 18, 2024, the Company effected a 1-for-48 reverse stock split (the “Reverse Stock Split”) of common stock. In accordance with its terms, the Exercise Price (as defined by the Warrant) has been adjusted in proportion to the Reverse Stock Split ratio of one-for-forty-eight (1 for 48) from $0.30 to $14.40 per share, effective as of November 16, 2024.

 

On November 25, 2024, the Company delivered a letter (the “Reduced Exercise Price Offer”) to FirstFire containing an offer to voluntarily temporarily reduce the Exercise Price from the current applicable exercise price of $14.40 per share to $3.00 per share (the “Reduced Exercise Price”). On the same date, FirstFire accepted and executed the Reduced Exercise Price Offer. The Reduced Exercise Price Offer is subject to certain terms and conditions, including the following: (i) The Warrant may only be exercised at the Reduced Exercise Price on or prior to December 13, 2024; (ii) no adjustment to the number of shares issuable upon exercise of the Warrant will occur as a result of the Reduced Exercise Price Offer or any exercise of the Warrant according to its terms; (iii) the Reduced Exercise Price Offer will have no effect on the terms and conditions of the Redemption Agreement, dated as of August 12, 2024, between the Company and FirstFire (the “Redemption Agreement”), such that any exercise of the Warrant at the Reduced Exercise Price will reduce the Redemption Price (as defined by the Redemption Agreement) for the remaining unexercised portion of the Warrant by the same amount as would apply to an exercise of the Warrant at the initial Exercise Price of $14.40 per share; (iv) the Reduced Exercise Price Offer is conditioned on its approval by the Board of Directors of the Company; and (v) any anti-dilution rights under or applicable to the Warrant with respect to any “at the market offering” (as defined under Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”)), including, but not limited to, any such rights that may be provided for under Section 2 of the Warrant, shall be permanently waived.

 

The foregoing description of the terms and conditions of the Reduced Exercise Price Offer is qualified in its entirety by reference to the full text of the Reduced Exercise Price Offer, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

 

Item 3.02 Unregistered Sales of Equity Securities.

 

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

 

The offer of securities to FirstFire pursuant to the Reduced Exercise Price Offer and sale of restricted common stock pursuant to the exercise of the Warrant in accordance with the terms of the Reduced Exercise Price Offer is being conducted as a private placement pursuant to and in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, and/or Rule 506(b) of Regulation D promulgated thereunder for transactions not involving a public offering.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
10.1   Offer of Voluntary Temporary Reduction of Exercise Price of Warrant, dated as of November 25, 2024, of Signing Day Sports, Inc. to FirstFire Global Opportunities Fund, LLC
104   Cover Page Interactive Data File (embedded with the Inline XBRL document).

  

1

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 26, 2024 Signing Day Sports, Inc.
   
  /s/ Daniel Nelson
  Name:   Daniel Nelson
  Title: Chief Executive Officer

 

 

2

 

 

Exhibit 10.1

 

SIGNING DAY SPORTS, INC.

8355 East Hartford Rd., Suite 100

Scottsdale, AZ 85255

 

November 25, 2024

 

FirstFire Global Opportunities Fund, LLC

1040 First Avenue, Suite 190

New York, NY 10022

Attention: Eli Fireman

Email: eli@firstfirecap.com

 

Re: Offer of Voluntary Temporary Reduction of Exercise Price of Warrant

 

Dear Mr. Fireman:

 

Reference is made to that certain Common Stock Purchase Warrant of Signing Day Sports, Inc. (the “Company”), dated May 16, 2024, which may be exercised to purchase up to 28,646 shares of Common Stock (as defined therein) as adjusted for the Reverse Stock Split (as defined below) (the “Warrant”). According to the Company’s records, FirstFire Global Opportunities Fund, LLC (“you”, “your” or the “Warrant Holder”) is the holder of the Warrant.

 

On November 16, 2024, the Company effected a 1-for-48 reverse stock split (the “Reverse Stock Split”) of the Common Stock. In accordance with its terms, the Exercise Price (as defined by the Warrant) has been adjusted in proportion to the Reverse Stock Split ratio of one-for-forty-eight (1 for 48) from $0.30 to $14.40 per share, effective as of November 16, 2024.

 

The Company is writing to offer a voluntary temporary reduction in the Exercise Price of the Warrant from $14.40 per share to $3.00 per share, subject to the terms and conditions of this offer (the “Reduced Exercise Price”).

 

To accept this offer, then you must do all of the following by no later than December 13, 2024: (1) Countersign this letter indicating your agreement that (i) the Reduced Exercise Price is provided for by Section 2(g) of the Warrant, (ii) this offer, whether accepted or not, and regardless of the extent to which it is acted upon by you by exercise of the Warrant at the Reduced Exercise Price, shall not cause any adjustment to the number of shares issuable upon exercise of the Warrant notwithstanding anything to the contrary in Section 2(h) of the Warrant or otherwise, (iii) this offer, whether accepted or not, shall have no effect on any of the terms and conditions of that certain Redemption Agreement, dated as of August 12, 2024, between the Company and the Warrant Holder (the “Redemption Agreement”), and that any exercise of the Warrants at the Reduced Exercise Price shall reduce the Redemption Price (as defined by the Redemption Agreement) for a certain number of Warrant Shares of the remaining unexercised portion of the Warrants by the same amount as would apply to an exercise of the Warrants for such number of Warrant Shares at the initial Exercise Price of $14.40 per share, (iv) this offer is conditioned on its approval by the Board of Directors of the Company, and (v) any anti-dilution rights under or applicable to the Warrant with respect to any “at the market offering” (as defined under Rule 415(a)(4) under the Securities Act of 1933, as amended (the “Securities Act”)), including, but not limited to, any such rights that may be provided for under Section 2 of the Warrant, shall be permanently waived; (2) complete and deliver the questionnaire attached hereto as Attachment 1 that certifies that you are an “accredited investor” within the meaning of Rule 501(a) of Regulation D as promulgated under the Securities Act; (3) fully or partly exercise the Warrant held by you by completion and delivery to the Company of an Exercise Notice in the form attached thereto by no later than December 13, 2024; and (4) pay the Aggregate Exercise Price (as defined by the Warrant) of the exercised the Warrant at the Reduced Exercise Price to the Company in cash or wire transfer of funds to the bank account information attached hereto as Attachment 2, and otherwise in accordance with the terms of the Warrant. By acceptance of this offer, you also agree that (1) any attempt to exercise the Warrant by cashless exercise at the Reduced Exercise Price shall be null and void. Upon receipt of payment for exercise, duly-executed exercise notice and questionnaire, the Company will issue the number of Warrant Shares (as defined by the Warrant) provided for under the exercised Warrant(s) in the manner provided for under the Warrant. To the extent that you choose not to participate in this offer according to its terms prior to December 13, 2024, then the Exercise Price shall revert to $14.40 per share as to any unexercised portion of the Warrant.

 

 

 

 

This letter shall constitute a notice with respect to the foregoing pursuant to Section 8(f) of the Warrants.

 

  Very truly yours,
   
  Signing Day Sports, Inc.
     
  By: /s/ Daniel Nelson
  Name:  Daniel Nelson
  Title: Chief Executive Officer

 

ACCEPTED AND AGREED:

 

FirstFire Global Opportunities Fund, LLC  
   
By: FirstFire Capital Management LLC, its manager  
     
By: /s/ Eli Fireman  
Name: Eli Fireman  
Title: Managing Member  

 

 

 

 

 

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