Loan & DebtJun 22, 2026, 05:37 PM
SurgePays Secures $500,000 in New Debt Financing
AI Summary
SurgePays, Inc. entered into a secured note purchase agreement on June 16, 2026, securing $500,000 in new debt financing. This promissory note, part of a series of financings, accrues interest at 14.5% per annum and matures in 24 months, with quarterly repayments of $125,000 commencing after one year. The note is convertible into common stock at varying prices and grants the investor a junior security interest in the company's assets. Following this issuance, the aggregate funding received under this series of notes totals $2,650,000.
Key Highlights
- SurgePays secured $500,000 through a new secured promissory note.
- The note accrues interest at 14.5% per annum and matures in 24 months.
- Quarterly repayments of $125,000 begin 12 months from the issue date.
- The note is convertible into common stock at prices ranging from $2.00 to $10.00 per share.
- The investor holds a junior security interest in all company assets.
- Aggregate funding from this series of notes now totals $2,650,000.
- The note was sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
Price Impact
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