SurgePays closes $2.5 million public offering with retail participation

SurgePays Inc. (NASDAQ: SURG) completed a public offering of 2 million common stock shares at $1.25 per share, generating approximately $2.5 million in gross proceeds before underwriting discounts and expenses, according to a company statement.

More than 100 retail investors participated in the transaction. The wireless and fintech company also granted the underwriter a 45-day option to purchase up to 300,000 additional shares at the offering price to cover over-allotments.

R.F. Lafferty & Co. served as the sole book-running manager for the offering. The shares were offered under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on November 3, 2023.

SurgePays operates point-of-sale technology connecting subprime and underserved consumers to mobile and financial services through retail locations nationwide. The company provides services including SIM activations, top-ups, and financial transactions for prepaid and underbanked customers.

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