BARTLETT, Tenn., Aug. 22,
2024 /PRNewswire/ -- SurgePays, Inc. (Nasdaq:
SURG) ("SurgePays" or the "Company"), a technology and telecom
company focused on the underbanked and underserved communities,
announces today that it is commencing its previously authorized
stock repurchase program of up to $5
million in SurgePays' common stock.
Chairman and CEO Brian Cox
commented, "We recognize that the delay in ACP funding has
adversely impacted our business and stock price. Therefore, we
believe it's an opportunistic time to commence a corporate stock
buyback so our long-term investors know our interests are
aligned. I believe that the program will deliver value for
our shareholders, while also maintaining our strong balance sheet
and allowing us to execute our business plan to provide products
and services to the underbanked and underserved, utilizing
convenience stores as points of distribution into these
communities."
Repurchases may be made from time to time in the open market at
management's discretion until the expiration of the program. The
program will end upon the earlier of 6 months after the
commencement of the program or the date upon which the Maximum
Amount has been purchased and can be discontinued at any time. No
shares have been repurchased under the program to date. There is no
guarantee that the program will be implemented in full or that any
shares of common stock will be repurchased by the Company.
About SurgePays, Inc.
SurgePays, Inc. is a technology and telecom company focused on
the underbanked and underserved communities. SurgePays'
technology-layered platform empowers clerks at over 8,000
convenience stores to provide a suite of prepaid wireless and
financial products to underbanked customers. SurgePays prepaid
wireless companies provide services to over 250,000 low-income
subscribers nationwide. The company ranks as the 345th
fastest-growing tech company in North
America according to the 2023 Deloitte Technology Fast 500.
Please visit SurgePays.com for more information.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that
are not historical facts and are considered forward-looking within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act. Forward-looking statements involve
substantial risks and uncertainties. Forward-looking statements
generally relate to future events or our future financial or
operating performance and may contain projections of our future
results of operations or of our financial information or state
other forward-looking information. In some cases, you can identify
forward-looking statements by the following words: "may," "will,"
"could," "would," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "project,"
"potential," "continue," "ongoing," "attempting," or the negative
of these terms or other comparable terminology, although not all
forward-looking statements contain these words.
Although we believe that the expectations reflected in these
forward-looking statements are reasonable, these statements relate
to future events or our future operational or financial performance
and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements including but not limited to, our use of
the stock buyback program, our ability to maintain a strong balance
sheet and our ability to execute our business plan . Furthermore,
actual results may differ materially from those described in the
forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control, including, without
limitation, whether the ACP is funded again, our ability to obtain
a company that has the license to subsidize our subscribers through
a sister program, statements about our future financial
performance, including our revenue, cash flows, costs of revenue
and operating expenses; our anticipated growth; and our predictions
about our industry. The forward-looking statements contained in
this release are also subject to other risks and uncertainties,
including those more fully described in our filings with the
Securities and Exchange Commission ("SEC"), including in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2023, and our quarterly reports on
Form 10-Q for the periods ending March 31,
2024, and June 30, 2024. The
forward-looking statements in this press release speak only as of
the date on which the statements are made. We undertake no
obligation to update, and expressly disclaim the obligation to
update, any forward-looking statements made in this press release
to reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.
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SOURCE SurgePays
