NEW YORK, July 2, 2026, 08:05 EDT
- Shares of SurgePays, Inc. NASDAQ:SURG jumped 45.1% to $0.6021 in premarket trade after gaining 14.9% to close at $0.4149 on Wednesday. SurgePays saw 42.19 million shares trade premarket.
- It started with a Form 8-K showing AT&T Mobility, LLC wrote off around $10.3 million in billed minimum-commitment fees and dropped a $50 million minimum-spend clause.
- The $10.3 million payment was almost the same as SurgePays’ equity market value, which was about $10.57 million at the last regular session close.
SurgePays, Inc. NASDAQ:SURG shares moved higher in premarket trading Thursday. The wireless and fintech company said a new wholesale carrier amendment will reduce accounts payable and remove a big fixed-spend liability, a relief for a firm with a market cap around $10 million.
U.S. stocks traded before the open at dateline. Nasdaq normal hours start at 9:30 a.m. Eastern and end at 4 p.m. Nasdaq said Friday, July 3, will be shut for Independence Day observed.
Shares were at $0.6021 as of 7:48 a.m. EDT, up 45.12% from the close on Wednesday, MarketWatch said. Pre-market volume was at 42.19 million shares, while Wednesday’s total came in at 70.68 million shares, or 4,874% of the 65-day average.
| Market read | Latest figure | Comparison |
|---|---|---|
| SurgePays premarket price | $0.6021 | Up 45.12% from Wednesday close |
| SurgePays Wednesday close | $0.4149 | Finished up 14.93% on the session |
| Before-hours volume | 42.19 mln shares | About 1.7x what SurgePays listed as issued shares on March 31 |
| Wednesday total volume | 70.68 mln shares | 4,874% of 65-day average |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $299.32 | Down 0.36% |
| Invesco QQQ Trust NASDAQ:QQQ | $725.17 | Off 1.51% |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $745.76 | Down 0.12% |
Scale is the key number here. On March 31, SurgePays reported $17.5 million in accounts payable and accrued expenses, along with $33.4 million in total liabilities and a stockholders’ deficit of $23.9 million. According to a July 1 filing, the new carrier amendment would cut accounts payable by about $10.3 million and generate an estimated $8.5 million gain in the second quarter.
| Item | March 31 or announced figure | Investor read |
|---|---|---|
| Accounts payable/accrued expenses | $17.5 mln | Company cut $10.3 mln, wiping out about 59% |
| Stockholders’ deficit | $23.9 mln | $8.5 mln reduction chips about 36% off deficit, not counting other Q2 items |
| Total assets | $9.5 mln | Company’s $50 mln spend commitment was over five times this |
| Q1 revenue | $16.0 mln | 51% higher than last year’s Q1 |
| Q1 cost of revenue | $23.7 mln | Still outpaces revenue |
| Q1 net loss to common holders | $12.1 mln | Wider than $7.6 mln last year |
SurgePays and AT&T Mobility changed their agreement on June 29, according to a Form 8-K. The amendment ends all outstanding minimum-spend requirements from the old deal, which called for $50 million total over the first three years. The companies expect better wholesale rates to cut customer acquisition expenses and monthly subscriber costs.
Chief Financial Officer Chelsea Pullano said in the statement the deal boosts “the economics of every subscriber we add going forward.” CEO Brian Cox said the move “removes a legacy constraint” and aligns costs with real usage. Nasdaq
The rally hasn’t fixed the company’s underlying problem. SurgePays reported $16.0 million in revenue for the first quarter, but its cost of revenue was higher at $23.7 million. Operating loss landed at $11.2 million. As of March 31, cash and cash equivalents were around $2.0 million.
On the May earnings call, Cox said subscriber lines for LinkUp Mobile and Torch Wireless topped 200,000 and the company is targeting 1 million. He told investors the new way of bringing in customers reduced cost per lead by 28%, cost per enrollment by 48%, and bumped up lead-to-enrollment conversion by 39%.
Investors are watching to see if the carrier amendment will affect recurring unit costs or if it just gives SurgePays a short-term balance-sheet boost. The filing says any impact on costs and margins is forward-looking and still faces risks noted in SurgePays’ SEC filings.
