SurgePays, Inc. (SURG): debt financing — SurgePays raises $7M via senior secured convertible note; conversion at $4.00/share premium

SurgePays, Inc.

Senior secured convertible note of $7M principal, due May 12, 2027; interest 15% per annum.
Fixed conversion price $4.00/share (premium to market); warrants for 700,000 shares at $6.00/share.
Net proceeds ~$5.925M; $0.6M of purchase price satisfied by repurchasing 333,333 shares at $3.00.
Proceeds to fund nationwide launch of LinkUp Mobile and expand MVNE wholesale after AT&T integration.
Management projects >$200M revenue over next 12 months and positive operating cash flow by end of 2025.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

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 senior notes of $6,999,999 with Funicular Funds, LP at 1.25% per month (15% per annum) maturing May 12, 2027.

Instrument: senior notes
Principal: $6,999,999
Counterparty: Funicular Funds, LP
Rate: 1.25% per month (15% per annum)
Maturity: May 12, 2027
Event: incurrence

Exact text from the filing

On May 12, 2025, SurgePays, Inc., a Nevada corporation (the " Company ") and certain subsidiaries of the Company as guarantors (the “Guarantors”, and collectively with the Company, the “Note Parties”), entered into a Senior Secured Note Purchase Agreement (the “NPA”) with Funicular Funds, LP (the “Investor”), pursuant to which the Company issued a Senior Secured Convertible Note in the original principal amount of $6,999,999 (the “Note”).

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SurgePays, Inc. filing history →

Source: SEC EDGAR

accession 0001641172-25-011299

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