SurgePays Inc (Nasdaq: SURG), a technology and telecom company with a focus on the underbanked and underserved communities, said that it was initiating its previously authorized stock buyback program of up to $5 million in common stock.
“We recognize that the delay in ACP funding has adversely impacted our business and stock price. Therefore, we believe it’s an opportunistic time to commence a corporate stock buyback so our long-term investors know our interests are aligned. I believe that the program will deliver value for our shareholders, while also maintaining our strong balance sheet and allowing us to execute our business plan to provide products and services to the underbanked and underserved, utilizing convenience stores as points of distribution into these communities,” Brian Cox, Chairman and CEO of SurgePays, said in a press release.
Stock Performance
The shares of SurgePays Inc (SURG) closed 2.43% ($0.04) higher at $1.90 on Nasdaq on Thursday, as they snapped a three-day streak of losses.
The stock slipped as low as $1.79 on Wednesday, or its lowest trading level since January 2022.
The company’s total market cap now stands at $37.417 million.
The shares of SurgePays Inc (SURG) went down 1.68% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 70.54% so far this year.
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