24/7 Market News Snapshot 13 May, 2025 – SurgePays, Inc. Common Stock (NASDAQ:SURG)

May 13, 2025

DENVER, Colo., 13 May, 2025 (www.247marketnews.com) – (NASDAQ:SURG) are discussed in this article.
SurgePays, Inc. has demonstrated significant momentum, with its stock opening at $2.75 and soaring approximately 18.89% to currently trade at $3.21. This surge reflects robust investor interest, highlighted by a trading volume of 934,370 shares, indicating potential for further gains. Analysts suggest monitoring key resistance levels around $3.50 and support positioned near $2.90, as the stock maintains its bullish trajectory.

In a pivotal advancement for the Company, SurgePays recently secured $7 million through a senior secured convertible note agreement with a distinguished institutional shareholder. This financing strategy not only underscores the investor confidence in SurgePays’ future but also enhances the Company’s liquidity, essential for executing its growth plans. The note is set to mature in two years, featuring a fixed conversion price of $4.00 per share which stands above the market closing price, along with provisions that may allow for the repurchase of shares.

Brian Cox, the Chairman and CEO of SurgePays, expressed that this backing underscores the firm’s growth potential and commitment to its market strategy. The infusion of capital is aimed at accelerating the nationwide launch of the anticipated LinkUp Mobile and expanding its mobile virtual network enabler (MVNE) wholesale business. With management projecting revenues to surpass $200 million within the next year and a positive cash flow forecast by the close of 2025, SurgePays is strategically positioned for robust growth.

By combining telecommunications and financial technologies, SurgePays is committed to providing essential services to underserved communities, reinforcing its role as both a mobile virtual network operator (MVNO) and MVNE in a competitive market landscape. This financing arrangement marks a critical step toward achieving its ambitious goals and solidifying its market presence moving forward.

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