Signing Day Sports, which operates a recruiting platform for student athletes, lowered the proposed deal size for its upcoming IPO on Friday.
The Scottsdale, AZ-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company had previously filed to offer 3.8 million shares at the same range. At the midpoint, Signing Day Sports will raise 60% less in proceeds than previously anticipated.
Signing Day Sports provides a digital platform to help student athletes get discovered and recruited by coaches and recruiters across the country. The platform is currently used by high schools, sports clubs, and aspiring high school athletes, as well as colleges in the NCAA (Division I, II, and III) and the NAIA. The company currently supports football, baseball, softball, and men's and women's soccer though it plans to expand into additional sports. The company is small and has a limited operating history.
Signing Day Sports was founded in 2019 and plans to list on the NYSE American under the symbol SGN. Boustead Securities is the sole bookrunner on the deal.
