Anthony George Evers, the Chief Financial Officer of SurgePays, Inc. (NASDAQ:SURG), recently sold 36,666 shares of the company's common stock. The shares were sold at $1.86 each, amounting to $68,198. Following this transaction, Evers holds 214,924 shares directly. The sale was conducted to cover taxes related to the vesting of restricted share awards, as noted in the filing.The transaction occurs as SURG trades near $1.93, down about 71% year-to-date and significantly below its 52-week high of $9.23. According to InvestingPro analysis, the company currently appears undervalued, with a strong current ratio of 6.24 indicating solid short-term liquidity. InvestingPro subscribers have access to 14 additional key insights about SURG's financial health and market position.
In other recent news, SurgePays, Inc. has experienced a significant downturn in its third-quarter revenue for 2024, with figures dropping by 86% to $4.8 million, primarily due to the conclusion of the Affordable Connectivity Program (ACP) funding. Despite this, the company reported a 69% increase in platform service revenue, reaching $4.7 million, and a 400% growth in monthly revenue for its prepaid top-ups platform. SurgePays has also signed a multi-year agreement with AT&T to offer a suite of mobile wireless services, positioning itself as a mobile virtual network operator (MVNO) and leveraging AT&T's extensive 4G LTE and 5G network.
These are recent developments following the cessation of ACP funding. SurgePays aims to reach 200,000 Lifeline subscribers by year-end and is targeting underserved markets with the planned soft launch of LinkUp Mobile in early Q1 2025. The company also revealed a loss from operations of $14.3 million, a significant shift from the $7.1 million profit reported in the same period last year.
SurgePays is strategically positioning itself for sustainable growth despite the challenges faced in the third quarter, leveraging its robust cash balance of $23.7 million and existing infrastructure to improve its financial standing. The company's efforts are expected to yield improved market traction in Q1 2025 due to a new contract enhancing service capabilities and pricing.
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