SCHEDULE: L1 Capital Fund Discloses 9.99% Stake in Signing Day Sports

L1 Capital Global Opportunities Master Fund, Ltd. reported a 9.99% beneficial ownership stake in Signing Day Sports, Inc. common stock.

Summary

• L1 Capital Global Opportunities Master Fund, Ltd. (the "Reporting Person") has filed a Schedule 13G, disclosing its beneficial ownership in Signing Day Sports, Inc.
• The Reporting Person beneficially owns an aggregate of 1,409,670 shares of Signing Day Sports, Inc. common stock.
• This ownership represents 9.99% of the issuer's common stock class.
• The beneficially owned amount includes 1,015,000 shares of Common Stock and 394,670 Warrants to purchase shares of Common Stock, all subject to a 9.99% beneficial ownership limitation.
• An additional 1,127,830 Warrants to purchase shares of Common Stock are not included in the reported beneficial ownership due to the same 9.99% limitation.
• The percentage of class is calculated based on 13,716,281 shares of Common Stock outstanding after the offering, as referenced in the Issuer's Prospectus filed on January 14, 2026, and a Current Report on Form 8-K filed on January 15, 2026.
• L1 Capital Global Opportunities Master Fund, Ltd. is organized in the Cayman Islands.
• David Feldman and Joel Arber are Directors of L1 Capital Global Opportunities Master Fund, Ltd., and disclaim beneficial ownership of these securities except to the extent of their pecuniary interest.
• The Reporting Person certified that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The filing indicates a significant, passive institutional investment, which is generally positive as it signals confidence. However, it's a routine disclosure and doesn't provide operational or financial performance updates, thus not warranting a higher score.

Positives

• A significant institutional investor, L1 Capital Global Opportunities Master Fund, Ltd., has taken a substantial 9.99% stake in Signing Day Sports, Inc., which can be interpreted as a vote of confidence in the company's prospects.
• The investment is declared as passive, indicating no immediate intent to influence control, which can provide stability and reduce potential governance conflicts.

Risks

• The existence of 1,127,830 unexercised warrants, not included in the beneficial ownership due to a 9.99% limitation, represents potential future dilution if these warrants are exercised, which could impact existing shareholders.

Future Outlook

The filing does not contain forward-looking statements or guidance from the issuer or the reporting person regarding the issuer's future performance. It is a disclosure of current ownership.

Management Comments

• "The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant, passive investment by an institutional fund in Signing Day Sports, Inc., a company likely operating in the sports technology or recruitment sector. Such investments can be seen as a vote of confidence in the company's business model or market potential within its niche, potentially attracting further investor interest in the sector.

Comparison to Industry Standards

• A 9.99% stake is a substantial passive investment, often seen as a strategic position for institutional funds in emerging or growth-stage companies within the sports tech industry.
• The beneficial ownership limitation on warrants is a common mechanism used by investors to manage their reported ownership percentage and avoid triggering certain regulatory thresholds, aligning with standard practices for institutional investors.

Stakeholder Impact

• **Shareholders**: The disclosure of a significant institutional investor holding a nearly 10% stake could be viewed positively, potentially increasing investor confidence and market liquidity for Signing Day Sports, Inc. shares.

Key Dates

Recommendation

The filing reveals a significant, passive institutional investment in Signing Day Sports, Inc., which is a positive signal of investor confidence. However, as a Schedule 13G, it provides no operational or financial performance data to warrant a 'buy' or 'sell' recommendation. The investment is passive, indicating no immediate intent to influence control. Therefore, a 'hold' recommendation is appropriate, pending further operational updates or financial results from the company.

Keywords

Signing Day Sports, L1 Capital Global Opportunities Master Fund, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Institutional Investment, SEC Filing, Equity Stake