Signing Day Sports Stock Surges 77% on Merger Deal with Blockchain Firm
Signing Day Sports (SGN) shares skyrocketed 107% this week after announcing definitive terms for its three-way merger with BlockchAIn Digital Infrastructure and One Blockchain LLC. The deal, now progressing toward completion, will make SGN a wholly owned subsidiary of BlockchAIn.
Under the agreement, SGN stockholders will receive BlockchAIn common shares at an exchange ratio based on SGN's last trading price before closing divided by 7.5. Fractional shares will be rounded up—a provision ensuring retail investors aren't disadvantaged. Post-merger, SGN shareholders will collectively own at least 8.5% of BlockchAIn's outstanding shares.
The SEC has declared the FORM S-4 registration statement effective, with proxy materials already distributed to shareholders. Trading at $0.52 Friday, SGN's market capitalization reached approximately $5.69 million amid heavy volume.
