UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On July 15, 2024, Signing Day Sports, Inc., a Delaware corporation (the “Company”), entered into a letter agreement (the “BPLLC Letter Agreement”) with Bevilacqua PLLC, the Company’s outside securities counsel (“BPLLC”). The BPLLC Letter Agreement amended and supplemented the engagement agreement, dated July 20, 2022, as previously amended by a supplement, dated February 17, 2023, between BPLLC and the Company. Under the BPLLC Letter Agreement, the Company agreed that the Company was obligated to pay BPLLC $684,350.98 for services rendered to the Company through June 30, 2024 by BPLLC (the “Outstanding Fees”). The BPLLC Letter Agreement provided that BPLLC agreed to defer payment of the Outstanding Fees until the earlier of either the closing of the Company’s next financing transaction or a business combination. The BPLLC Letter Agreement provides that if a financing transaction results in proceeds of less than $2,000,000, the Company will pay BPLLC 20% of the net proceeds from such financing against the Outstanding Fees. If a financing transaction results in proceeds of more than $2,000,000, the Company will pay BPLLC the amount of the Outstanding Fees.
In addition, pursuant to the BPLLC Letter Agreement, in consideration for the deferring of the Outstanding Fees, the Company issued BPLLC a pre-funded warrant to purchase 2,500,000 shares of the Company’s common stock (the “BPLLC Warrant”). The BPLLC Warrant has an exercise price of $0.01 per share and provides for piggyback registration rights with respect to the shares of common stock issuable upon exercise of the BPLLC Warrant. The BPLLC Warrant is subject to a limitation on beneficial ownership to 4.99% of the common stock that would be outstanding immediately after exercise. Any change in this beneficial ownership limitation will not be effective until the 61st day after such change is agreed to. The BPLLC Warrant will become exercisable on the date that the NYSE American LLC (the “NYSE American”) authorizes the issuance of shares pursuant to exercise of the BPLLC Warrant with respect to the number of shares authorized for such issuance, or the date that the Company is no longer listed on the NYSE American.
The BPLLC Warrant and the BPLLC Letter Agreement are filed as Exhibit 4.1 and Exhibit 10.1 to this report, respectively, and the description above is qualified in its entirety by reference to the full text of such exhibits.
| Item 3.02 | Unregistered Sales of Equity Securities. |
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
The BPLLC Warrant was issued and sold to BPLLC, and the shares of common stock that may be issued by the Company to the holder of this security is being offered and sold, by the Company in a transaction that is exempt from the registration requirements of the Securities Act of 1933, as amended, in reliance on Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D thereunder.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
Description | |
| 4.1 | Pre-Funded Common Stock Purchase Warrant issued on July 15, 2024 by Signing Day Sports, Inc. to Bevilacqua PLLC | |
| 10.1 | Letter Agreement, dated as of July 15, 2024, between Bevilacqua PLLC and Signing Day Sports, Inc. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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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: July 18, 2024 | SIGNING DAY SPORTS, INC. | |
| /s/ Daniel D. Nelson | ||
| Name: | Daniel D. Nelson | |
| Title: | Chief Executive Officer | |
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