Signing Day Sports, Inc. SGN stock is trading higher on Wednesday after the company entered into a stock purchase agreement to acquire a majority stake in Swifty Global, also known as Dear Cashmere Group.

What To Know: Signing Day will hold a 99.13% stake in Swiftly Global, a global online sports and casino company, after the deal is finalized.

CEO of Signing Day Daniel Nelson says the move is, “a significant step toward accelerated expansion, enabling us to leverage Swifty Global’s cutting-edge SaaS technology to enhance operational efficiency, reduce costs by over 50%, and accelerate product development.”

As a part of Signing Day’s expansion, it will support Swifty Global in developing data feed services for the online sports gambling industry, leveraging its expertise in sports data and measurement technologies. Swifty Global plans to introduce these services to create a new revenue stream in the near future.

Additionally, Swifty aims to expand its international gambling operations. This expansion is in line with the shared vision of both companies to target high-growth markets.

James Gibbons, CEO of Swifty Global said, “The Swifty Global team has worked extremely hard, demonstrating exceptional diligence and discipline in building an outstanding business with a solid foundation. We are excited about the future and look forward to working together to achieve great things.”

Signing Day shares are currently trading at an above-average session volume of 90.74 million. The company’s average session volume over the past 100 days is 169.74 thousand.

SGN Price Action: At the time of publication Wednesday, Signing Day shares were trading 156% higher at $4.93, according to data from Benzinga Pro.

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