secwatch.observer — SEC 8-K summary
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Issuer:     SurgePays, Inc. (SURG)
CIK:        0001392694
Form:       8-K
Filed at:   2025-05-16T23:59:59+00:00
Accession:  0001641172-25-011299
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SurgePays raises $7M via senior secured convertible note; conversion at $4.00/share premium
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1392694/000164117225011299/0001641172-25-011299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1392694/000164117225011299/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-011299

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer