Surgepays Inc Stock Price, News & Analysis

SurgePays, Inc. (NASDAQ: SURG) reported $2.5 million in revenue for the past three months as it accelerates the rollout of the Emergency Broadband Benefit Program through its subsidiary, SurgePhone Wireless. Since mid-August, the company generated $115,211 in revenue across four states during a limited launch, followed by an additional $2.42 million from further expansion. SurgePays anticipates exceeding 15,000 customers by November, which could yield $750,000 in recurring revenue monthly. They plan to expand to ten more states and have ordered 20,000 additional tablets.

SurgePays, Inc. (NASDAQ: SURG, SURGW) has successfully closed its public offering of 4.6 million units at $4.30 each, generating gross proceeds of approximately $19.78 million. Each unit contains one share of common stock and one warrant with an exercise price of $4.73, expiring in three years. The offering followed a reverse stock split at a 1-for-50 ratio, effective November 2, 2021. Underwriters have a 45-day option to purchase an additional 690,000 shares or warrants to cover over-allotments. Trading commenced on November 2, 2021, under the symbols SURG and SURGW.

SurgePays, Inc. (OTCQB: SURG) announced a public offering of 4,600,000 units at $4.30 each, aimed at raising approximately $19.78 million. Each unit includes one share of common stock and a warrant at an exercise price of $4.73, expiring in three years. This offering will follow a 1-for-50 reverse stock split effective November 2, 2021. The shares are expected to start trading on the Nasdaq under the symbols 'SURG' and 'SURGW.' Maxim Group LLC is managing the offering, with closing anticipated on November 4, 2021. The offering is registered under SEC guidelines.

SurgePays, Inc. (OTCQB: SURG) reported generating over $115,211 in revenue and onboarding 833 customers in just two weeks as part of its Emergency Broadband Benefit Program through subsidiary SurgePhone Wireless. The program offers substantial reimbursements, aiding in financial service delivery to the underbanked. SurgePays anticipates the need for increased inventory, projecting to have 20,000 tablets available by early October to meet growing demand.

SurgePays, Inc. (OTCQB: SURG) reported a second quarter 2021 revenue of $11.38 million, down from $14.51 million year-over-year. However, the company significantly reduced general and administrative expenses to $2.74 million from $4.17 million, leading to an improved net loss of ($214,000) compared to ($2.43 million) last year. SurgePays continues to prepare for a Nasdaq up-list and an IPO for its SaaS subsidiary, LogicsIQ, which saw a 32% revenue increase from Q1 2021. Recent actions include acquiring Commander Communication and launching a new gift card program, aiming to expand offerings for underbanked consumers.

SurgePays, Inc. (OTCQB: SURG) has appointed Anthony P. Nuzzo, Jr. as CEO of its subsidiary LogicsIQ. Nuzzo, a seasoned financial services executive, has been with SurgePays since 2017 and has significantly contributed to the development of LogicsIQ’s SaaS platform. This executive change follows the company’s strategy to potentially spin off LogicsIQ to enhance shareholder value. Under Nuzzo's leadership, LogicsIQ aims to expand its software solutions for law firms and other verticals, leveraging its comprehensive CRM and BPO services.

SurgePays (OTCQB:SURG) has appointed Feintuch Communications as its public relations agency of record, aiming to enhance its communication strategy amidst its growth in the fintech sector. The company focuses on providing prepaid financial services and products to the underbanked through a network of over 8,000 independent convenience stores. SurgePays plans to expand this network nationwide while working towards its IPO for the LogicsIQ subsidiary. The collaboration with Feintuch Communications is expected to support SurgePays in effectively communicating its growth and vision.

SurgePays, Inc. has been approved to provide discounted broadband services through the Emergency Broadband Benefit Program via its subsidiary, SurgePhone. This initiative aims to assist customers impacted by the COVID-19 pandemic, offering discounts of up to $50 per month for internet services, and up to $75 for Tribal land residents. SurgePhone will incorporate these services into its retail network, anticipating a significant customer influx. SurgePays aims to add 5,000 new customers monthly and enhance service accessibility across various states, including California, Florida, and Texas.

SurgePays, Inc. (OTCQB: SURG) has announced its acquisition of Commander Communication, LLC, enhancing its fintech and wholesale offerings. With Commander’s network of approximately 500 convenience stores, SurgePays aims to improve sales through its product suite, including private label gift cards and high-margin wholesale products. The strategy aligns with SurgePays' focus on expanding its in-house sales efforts and targeting nearly 34,000 stores. This acquisition is expected to boost active store participation and overall sales effectiveness.