Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SurgePays, Inc. incurred credit facility of up to twenty-five million dollars ($25,000,000) with Affordable Connectivity Financing V Limited Liability Company at 9.85% fee maturing November 17, 2024.
- Instrument
- credit facility
- Principal
- up to twenty-five million dollars ($25,000,000)
- Counterparty
- Affordable Connectivity Financing V Limited Liability Company
- Rate
- 9.85% fee
- Maturity
- November 17, 2024
- Event
- incurrence
Exact text from the filing
The Seller shall make available to Purchaser up to twenty-five million dollars ($25,000,000) in credit through November 17, 2024 (the “Maturity Date”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SurgePays, Inc. entered into Paying Agent Agreement with Ivy Dallas Funding, LLC valued at Paying Agent controls and administers a cash deposit account for receiving ACP and California Lifeli (effective 2022-11-17).
- Action
- entry
- Counterparty
- Ivy Dallas Funding, LLC
- Value
- Paying Agent controls and administers a cash deposit account for receiving ACP and California Lifeli
- Effective
- 2022-11-17
Exact text from the filing
In connection with the entrance into the Agreement, on November 17, 2022, the Seller, the Purchaser, and Ivy Dallas Funding, LLC (the “Paying Agent”) entered into the Paying Agent Agreement (the “Agent Agreement”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
SurgePays, Inc. entered into Installment Sale Agreement with Affordable Connectivity Financing V Limited Liability Company valued at Up to $25,000,000 credit facility; initial $15,000,000 drawn; 9.85% profit margin; payable in 9 equa (effective 2022-11-17).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Affordable Connectivity Financing V Limited Liability Company
- Value
- Up to $25,000,000 credit facility; initial $15,000,000 drawn; 9.85% profit margin; payable in 9 equa
- Effective
- 2022-11-17
Exact text from the filing
On November 17, 2022, SurgePays, Inc. (the “Company”), two wholly-owned subsidiaries of the Company (SurgePhone Wireless LLC and Torch Wireless, collectively, the “Purchaser”) and Affordable Connectivity Financing V Limited Liability Company (the “Seller”) (an entity affiliated with Horizon Capital LLC) entered into an Installment Sale Agreement (the “Agreement”).
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