Signing Day Sports issues CEO $100,000 promissory note from Investing.com

Signing Day Sports, Inc., a Delaware-based data processing company, announced in a recent SEC filing that it has issued a high-interest promissory note to its CEO, Daniel D. Nelson. The note, dated Monday, allows for advances of up to $100,000 at a monthly interest rate of 20%, compounding monthly.

The terms of the promissory note provide for rapid interest accumulation. After just the first month, the total interest amounts to $20,000, with an increasing trend in the following months. Repayment of the principal amount, including advances and accrued interest, is scheduled for December 16, 2024, unless the company secures financing of at least one million dollars beforehand.

According to the SEC filing, Nelson, who serves as CEO and chairman of the board of directors, can demand full repayment within two business days of the due date. The company is free to prepay the note without penalty.

This financing is part of a significant agreement between Signing Day Sports and Nelson. The terms of the note indicate a significant capital expenditure for the company, which trades on the NYSE American LLC under the symbol SGN.

The move comes as Signing Day Sports re-orients its financial strategy as an emerging growth company. The full terms of the note are set out in Exhibit 4.1 of the SEC filing, which forms the basis for this report.

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