BARTLETT, Tenn., May 13, 2025 - SurgePays, Inc. (Nasdaq: SURG), a wireless and point-of-sale technology company, has announced a $7 million senior secured convertible note agreement with an institutional shareholder. This financing move is aimed at accelerating the company's growth. The note, with a principal amount of $7 million, matures two years from the issuance date and includes a conversion option to shares of the company's common stock at a fixed price of $4.00 per share, which is a premium to the market price as of May 13, 2025. The proceeds from this financing will support the nationwide launch of LinkUp Mobile and expand SurgePays' MVNE wholesale business.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Surgepays Inc. published the original content used to generate this news brief via PR Newswire (Ref. ID: NY87167) on May 13, 2025, and is solely responsible for the information contained therein.