SurgePays (Nasdaq: SURG) has entered into a $7 million senior secured convertible note agreement with a current institutional shareholder, providing $6 million in cash and involving a repurchase of 333,333 shares. The two-year note is convertible into common stock at $4.00 per share, a premium to current market price, and includes a prepayment option at a 2% premium. Proceeds will support the national launch of LinkUp Mobile and the growth of SurgePays’ MVNE wholesale platform following its April 1 integration with AT&T. Management projects over $200 million in revenue and positive cash flow from operations by year-end 2025.
To view the full press release, visit https://ibn.fm/ZQ0Qn
About SurgePays, Inc.
SurgePays, Inc. is a wireless and fintech company focused on delivering mobile connectivity and financial services to underserved communities. As both a mobile virtual network operator (“MVNO”) and mobile virtual network enabler (MVNE), SurgePays operates its own wireless brand while also providing back-end infrastructure, including provisioning and billing, to other wireless providers. The Company’s proprietary point-of-sale platform is used nationwide in thousands of retail locations, enabling SIM activations, top-ups, and digital financial services. SurgePays is built to scale and uniquely positioned to grow across both retail and wholesale wireless channels.
For more information, visit the company’s website at: https://surgepays.com/
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