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Wednesday, March 10, 2021 11:17:47 AM
$2.0 Million Bridge Financing Paves the Way Toward Nasdaq Up-listing and Provides Capital for Continued Business Plan Execution
BARTLETT, Tenn., March 10, 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 provides a corporate update to shareholders that includes the closing of a bridge debt financing with total proceeds of $2.0 million.
The proceeds from the bridge loan will be used to retire existing convertible debt and to invest in sales and marketing initiatives. The Company is building an outbound sales team in its Memphis office to grow in-store sales of prepaid products and other top selling wholesale products through enhanced relationship management. The SurgePays Prepaid Center and other products can be seen at www.surgepays.com
"The closing of this bridge marks another major milestone in the Company's efforts to qualify for and up-list to the Nasdaq stock exchange," commented SurgePays Chairman and CEO Brian Cox. "The timing of this financing is significant, as we expect our investments to result in the addition of more stores to our distribution network as well as increased sales per store. We are spearheading sales of additional SurgePays fintech products for the underbanked population and adding high margin wholesale products processed through our next-generation supply chain. This is a very exciting time for SurgePays, and we look forward to reporting additional accomplishments in the future."
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
Recent SURG News
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- SurgePays to Participate in Water Tower Fireside Chat Series • GlobeNewswire Inc. • 04/18/2024 08:55:37 PM
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- SurgePays Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call • GlobeNewswire Inc. • 03/05/2024 09:01:00 PM
- Congressman David Kustoff Visits SurgePays Headquarters in Bartlett, Tenn. • GlobeNewswire Inc. • 02/27/2024 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/23/2024 10:00:33 PM
- SurgePays Taps Derron Winfrey as Vice President • GlobeNewswire Inc. • 02/16/2024 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/12/2024 10:25:22 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/05/2024 09:34:15 PM
- SurgePays Announces Strategic Partnership with SIN PIN • GlobeNewswire Inc. • 01/23/2024 01:30:00 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 01/22/2024 02:00:13 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/19/2024 09:30:29 PM
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- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/17/2024 09:05:50 PM
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- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 02:00:22 PM
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- Jeremy Gies Appointed to President of SurgePays, Inc. • GlobeNewswire Inc. • 01/12/2024 09:01:00 PM
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