SurgePays (SURG) Stock Surges Over 61% After Hours: Why Is It Moving?

SurgePays Inc. (NASDAQ: SURG ) shares jumped 61.15% to $0.67 in after-hours trading on Wednesday, after the Tennessee-based wireless and fintech company amended its agreement with a Tier 1 wholesale wireless network provider. Amended Wireless Pact Erases Liability The deal restructures wholesale pricing and eliminates a prior $50 million minimum purchase commitment over three years, wiping the related contingent liability from SurgePays’ balance sheet. According to the company, the provider also adjusted previously invoiced non-usage charges, a move expected to cut accounts payable by roughly $10.3 million and generate an $8.5 million gain relating to expenses previously reported for the three months ended Mar. 31. Margins Set to Expand, Executives Say Chief Financial Officer Chelsea Pullano said the amendment “removes a significant contingent liability from our balance sh...