Surgepays Inc - SURG STOCK NEWS

SurgePays, Inc. (Nasdaq: SURG) announces its achievement as a top 10 performing stock on NASDAQ in 2022 amidst a challenging market. The company emphasizes no dilutive capital raises, focusing on telecom subscriber growth by reinvesting cash flow. SurgePays aims to reach 500,000 subscribers, expanding product offerings to underbanked households. A $25 million credit facility is expected to enhance sales operations. The annual shareholder meeting is set for March 7, 2023, in Memphis, and new board additions signal strategic growth potential for 2023.

SurgePays, Inc. (Nasdaq: SURG) announced the election of Laurie Weisberg and Richard Schurfeld to its Board of Directors, effective immediately, alongside the resignation of Jay Jones. CEO Brian Cox expressed optimism about the new members' operational leadership experience and governance expertise, which are expected to benefit the company's growth. Weisberg brings over 30 years in digital technology management, while Schurfeld has a strong background in software-based telecom solutions. The board changes signal a strategic move to enhance leadership during a critical phase for SurgePays.

SurgePays, Inc. announced the closure of a $25 million senior secured credit facility from Affordable Connectivity Financing V LLC, with $15 million available at closing. This non-dilutive Installment Sale Agreement allows for repayment over the subscriber life, supporting SurgePays' goal of cash flow positive growth. CEO Brian Cox highlighted the company's revenue increase of 2.5X to over $36 million in Q3, expecting significant positive impacts on cash flow and balance sheet as they expand their subscriber base.

SurgePays reported impressive Q3 2022 results with a 149% year-over-year revenue increase, totaling $36.2 million. The company surpassed its 2022 target of 200,000 mobile broadband subscribers, achieving a 2.5X growth in revenue. Gross profit rose slightly by 1% to $1.9 million, while net loss improved to $(1.5 million) from $(1.7 million) a year prior. The company has integrated the ACP enrollment process into its platform, aiming to boost store count and enhance customer retention.

SurgePays, Inc. (Nasdaq: SURG) announced its third quarter 2022 earnings conference call scheduled for November 14, 2022, at 5:00pm ET. The call will focus on the company's operations as a technology and telecommunications provider targeting the underbanked and underserved markets. SurgePays aims to enhance access to mobile broadband and financial services for low-income consumers through its SurgePhone and fintech platform. Investors can access the live webcast through their investor relations site.

SurgePays (Nasdaq: SURG) announced its application for a dual listing of its common stock on Upstream, a platform for digital securities and NFTs. This move aims to connect with a global, digital-focused investor base, allowing trades via USDC and traditional payment methods. According to CEO Brian Cox, this listing will enhance accessibility for underbanked communities and improve liquidity. SurgePays, known for serving underserved markets through technology and telecommunications, plans to incorporate a Web3 community-building strategy with Upstream.

SurgePays, Inc. (Nasdaq: SURG) has appointed Jeremy Gies as the new President of its subsidiary, SurgePays Fintech, Inc., to enhance its convenience store (c-store) operations. With over 25 years of experience in telecom and fintech, Gies aims to grow the national c-store network, focusing on onboarding stores to the SurgePays platform and increasing sales. CEO Brian Cox highlights the opportunity for store owners to earn additional revenue through SurgePays services, particularly with the rollout of the FCC’s Affordable Connectivity Program.

SurgePays (SURG) has surpassed its 2022 subscriber goal, achieving over 220,000 subscribers in its mobile broadband service, SurgePhone Wireless. The achievement aligns with the company’s efforts to assist the underbanked through the Affordable Connectivity Program (ACP). CEO Brian Cox emphasizes the ongoing growth strategy targeting 500,000 subscribers, accomplished without diluting shareholder equity. SurgePays aims to enhance financial and social conditions for underserved communities via its technology and telecommunications offerings.