Business
SurgePays Announces Commencement of Share Repurchase Program
BARTLETT, Tenn., Aug. 22, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) ("SurgePays" or the "Company"), a technology and telecom company focused on the
About this update from Surgepays, Inc.
[{"type":"text","content":"BARTLETT, Tenn., Aug. 22, 2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq: SURG) (\"SurgePays\" or the \"Company\"), a technology and telecom company focused on the underbanked and underserved communities, announces today that it is commencing its previously authorized stock repurchase program of up to $5 million in SurgePays' common stock.\n\n \n \n \n \n \n \n\n \nChairman and CEO Brian Cox commented, \"We recognize that the delay in ACP funding has adversely impacted our business and stock price. Therefore, we believe it's an opportunistic time to commence a corporate stock buyback so our long-term investors know our interests are aligned. I believe that the program will deliver value for our shareholders, while also maintaining our strong balance sheet and allowing us to execute our business plan to provide products and services to the underbanked and underserved, utilizing convenience stores as points of distribution into these communities.\"\nRepurchases may be made from time to time in the open market at management's discretion until the expiration of the program. The program will end upon the earlier of 6 months after the commencement of the program or the date upon which the Maximum Amount has been purchased and can be discontinued at any time. No shares have been repurchased under the program to date. There is no guarantee that the program will be implemented in full or that any shares of common stock will be repurchased by the Company.\nAbout SurgePays, Inc.\nSurgePays, Inc. is a technology and telecom company focused on the underbanked and underserved communities. SurgePays' technology-layered platform empowers clerks at over 8,000 convenience stores to provide a suite of prepaid wireless and financial products to underbanked customers. SurgePays prepaid wireless companies provide services to over 250,000 low-income subscribers nationwide. The company ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500. Please visit SurgePays.com for more information.\nCautionary Note Regarding Forward-Looking Statements\nThis press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements in...