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SurgePays Announces Commencement of Share Repurchase Program
SurgePaysSurgePays(US:SURG) Prnewswireยท2024-08-22 12:30

Company Overview - SurgePays, Inc. is a technology and telecom company focused on serving underbanked and underserved communities, utilizing a technology-layered platform that empowers clerks at over 8,000 convenience stores to offer prepaid wireless and financial products [3] - The company provides services to over 250,000 low-income subscribers nationwide and ranks as the 345th fastest-growing tech company in North America according to the 2023 Deloitte Technology Fast 500 [3] Stock Repurchase Program - SurgePays has announced the commencement of a stock repurchase program authorized for up to $5 million in its common stock [1] - The program aims to align the interests of the company with its long-term investors, especially in light of adverse impacts from delays in ACP funding [2] - Repurchases will occur at management's discretion in the open market and will conclude either six months after the program starts or once the maximum amount has been purchased [2] Management Commentary - Chairman and CEO Brian Cox emphasized that the stock buyback is a strategic move to deliver value to shareholders while maintaining a strong balance sheet [2] - The company aims to continue executing its business plan to provide products and services to underbanked communities through convenience stores [2]