Yesterday, blockchain fintech company SurgePays Inc. (OTCQB: SURG) enjoyed a surge of 58.57% when the price of its shares jumped to $0.4600 at the close of the trading session. Despite its Average Weekly volume of over one million, the volume of the SURG stock on the day reached a whopping 4.42M. A number of developments this month helped the SurgePays stock hold its gains.
What is SurgePays up to?
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SurgePays, Inc. is a digital supply chain platform that sources wholesale goods and financial services to meet the financial needs of individuals and small businesses operating in underbanked areas. A comprehensive suite of prepaid and financial services, as well as popular wholesale products, are provided by SurgePays, Inc. via its blockchain software platform. A comparison between SurgePays’ pricing and existing wholesale distribution models demonstrates how SurgePays can be more cost-efficiently serve independent convenience stores, mini-marts, tiendas, and bodegas.
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A recent announcement by SurgePays indicates that it has already paid off $1.17M in debt since January 2021. Using existing cash on hand and proceeds from a recent bridge financing, the debt was paid off. SURG was in plans of retiring convertible debt and improving sales and marketing with the proceeds from a recently closed bridge loan.
SurgePays, in a recent corporate update sent out to shareholders, informed them of the closing of a bridge debt financing totaling $2.0 million.
In its Memphis office, SURG plans to build an outbound sales team to help enhance relationship management by improving in-store sales of prepaid products and other top-selling wholesale products.
What could be achieved?
As SurgePays (SURG) strives to maintain a strong balance sheet, its financial performance will be improved, which will be positive for its shareholders. Also, SURG now has the ability to concentrate on investment projects to expand its network as well as improve performance.