Business
SurgePays Announces $7 Million Debt Financing to Accelerate Growth
SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a wireless and point-of-sale technology company, today announced that it has entered into a $7 million senior secured convertible note (the "Note") agreement with a current institutional shareholder. The Note has a principal amount of $7 million and matures two years from the date of issuance. Beginning eight months after issuance, the note becomes convertible into shares of the Company's common stock at a fixed price of $4.00 per sh
About this update from Surgepays, Inc.
[{"type":"text","content":"Financing with Institutional Shareholder Featuring Share Buyback Component and Fixed Conversion Price of $4 per share, a Premium to Market","length":138,"tagName":"p","attribs":{}},{"type":"text","content":"BARTLETT, Tenn., May 13, 2025 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a wireless and point-of-sale technology company, today announced that it has entered into a $7 million senior secured convertible note (the "Note") agreement with a current institutional shareholder. The Note has a principal amount of $7 million and matures two years from the date of issuance. Beginning eight months after issuance, the note becomes convertible into shares of the Company's common stock at a fixed price of $4.00 per share, a premium to the closing share price on May 13, 2025. The aggregate purchase price for the Note consists of $6 million in cash plus the repurchase by the Company of 333,333 shares of the holder's existing equity position. Additionally, the Note includes a prepayment option by the Company, in whole or in part, at any time with 5 days advance notice at a 2% premium to the principal amount plus accrued interest.","length":1001,"tagName":"p"},{"type":"image","alt":"SurgePays, Inc. (NASDAQ: SURG) (PRNewsfoto/SurgePays)","displaySize":"","headline":null,"caption":"SurgePays, Inc. (NASDAQ: SURG) (PRNewsfoto/SurgePays)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":67,"url":"https://media.zenfs.com/en/prnewswire.com/fd986650f01115b495fba9b54211125a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/0umlTjgrAuMTJV8nTgUpGA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTExODtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/fd986650f01115b495fba9b54211125a","width":400,"height":67}},"href":"https://mma.prnewswire.com/media/2477709/SurgePays_logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":""We appreciate the continued support from one of our largest shareholders. This investment deepens our partnership and affirms confidence in our vision, strategy, and financial outlook over the next 12 months. It also fortifies our balance sheet and gives us the flexibility to accelerate execution of our national growth strategy," said Brian Cox, Chairman and CEO of SurgePays.","length":389,"tagName":"p"},{"...