SurgePays Signs JV LOI to Scale Rent-to-Own Smartphones Past 100 Dealers
SURG is trading near its 52-week low of $0.143 (12% above the low) on light trading volume (0.3× avg).
Summary
SurgePays signed a non-binding LOI with LowWeeklyPayments to form a joint venture scaling a smartphone rent-to-own program across its dealer network. SurgePays will hold 51% and serve as Managing Member. The program has already onboarded over 100 dealers, with a target of 500 locations by year end. This follows the company's recent asset sale and auditor change, and offers a new growth avenue amid going concern doubts. The deal is non-binding, so definitive terms and execution remain key risks.
At the time of this announcement, SURG was trading at $0.16 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.6M. The 52-week trading range was $0.14 to $3.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.