SurgePays, Inc. Retires Additional Debt

Rhea-AI Summary

SurgePays has successfully retired a total of $2,645,825 in debt since January 1, 2021, which includes $1.48 million in recent repayments. This action has resulted in the release of 86,870,025 shares that were previously reserved for loans. The company aims to improve its balance sheet as it prepares for a potential Nasdaq uplisting. By eliminating this debt, the share overhang has decreased, enhancing the investment outlook for shareholders.

Positive

• Total debt retired since January 1, 2021, amounts to $2,645,825.
• 86,870,025 shares previously reserved for loans have been released.
• Improved balance sheet positions the company for a potential Nasdaq uplisting.

Negative

• None.

SurgePays has retired a total of $2,645,825 in debt since January 1, 2021, releasing 86,870,025 shares previously reserved for loans.

BARTLETT, Tenn., March 30, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the “Company”), a blockchain fintech company building a next generation supply chain network that offers wholesale goods and financial services for the underbanked more cost efficiently than traditional distribution models, today announces that it has retired an additional $1.48 million in debt above and beyond the previously retired $1.17 million of debt as announced on March 17, 2021. Cash on hand and proceeds from the Company’s recent bridge financing were used to retire the combined $2.65 million in debt since January 1, 2021.

“We continue to see paying down our relatively high-cost debt as advantageous to our balance sheet and to our shareholders, especially as we continue to position the Company for an up-list to Nasdaq. Eliminating this debt will also eliminate the nearly 86 million-share overhang in reserve from our potential share count compared to approximately 44 million shares in the float. Given the debt repayment, we are happy to see these shares will come out of reserve,” said SurgePays CFO Tony Evers.

About SurgePays, Inc.

SurgePays, Inc. utilizes its blockchain software platform to offer a comprehensive suite of prepaid, financial services for the underbanked, and top selling wholesale products to independently owned convenience stores, mini-marts, tiendas, and bodegas more cost efficiently than existing wholesale distribution models. Please visit www.SurgePays.com for more information.

Company Contact:
Tony Evers CPA, CIA
Chief Financial Officer
Chief Operating Officer
847-648-7541
tevers@surgeholdings.com

Investor Relations Contact:
CORE IR
516-222-2560
invest@surgeholdings.com

Media Relations:
Jules Abraham
Director of Public Relations
CORE IR
917-885-7378
julesa@coreir.com

Cautionary Note Regarding Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecasts," "forecasting," "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission (“SEC”), including on our Form S-1/A filed with the SEC on February 16, 2021. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law. 

FAQ

How much debt has SurgePays retired since January 2021?

SurgePays has retired a total of $2,645,825 in debt since January 1, 2021.

What impact does retiring debt have on SurgePays' shares?

Retiring debt has released 86,870,025 shares previously reserved, reducing the share overhang.

Is SurgePays planning to uplist to Nasdaq?

Yes, SurgePays aims to position itself for a potential uplisting to Nasdaq.

What is the recent amount of debt retired by SurgePays?

SurgePays has recently retired an additional $1.48 million in debt.