INDEX/$SURG · 2026-09-11
$SURG
$0.1645−4.69%SurgePays · NasdaqCM · mkt cap $8.70M · cash $1.95M (Jun 30) · put multi-year · O/S 52,908,423 common as of 2026-08-19 (10-Q cover); CONFLICT vs Jun 30 26.5M
Cutoff 2026-09-11 09:30 ET
Asset-sale equity claim into live bid/MVLS clock
RATINGS
- OVERALLHIGH
- OVERHEADMED→HIGH
- DILUTIONHIGH
- DIL. FREQHIGH
- OFFERINGMED
- CASH NEEDHIGH
- COMPLIANCEHIGH
- BANKERHIGH
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THREE FINDINGS
- 01Non-cash asset sale into live Nasdaq clocks
Sep 10 16:05 ET 8-K closed ClearLine+GPOX sale for 25M GPOX Series D (~$27.5M) + Emerald put; AH printed ~75M of 77.9M shares. Bid Sep 21 and MVLS Sep 14 still live.
- 02Equity cure claimed, not Staff-confirmed
Jun 30 stockholders deficit ($20.75M). Company claims post-deal equity clears $2.5M/$5M. Put is multi-year — not overnight cash.
- 03Cover O/S CONFLICT + Titan/Belleau dilution machine
Cover 52.9M (Aug 19) vs Jun 30 BS 26.5M unresolved. Titan ATM live under baby shelf; Belleau convert series ~$2.65M of larger ~$13.3M stack. Banker Grade D.
SUPPLY
- O/S
52.9M cover
- ATM
Titan up to $15M
- Converts
~$13.3M carrying
- GPOX pref
25M (not SURG float)
COMPLIANCE CLOCK
2026-09-14
MVLS deadline
5550(b)(2) $35M for 10 sessions; mcap ~$8.7M
2026-09-21
Bid-price deadline
5550(a)(2) $1.00 for 10 sessions; basis $0.1645 needs +508%
pending
Equity cure claim
Sep 10 8-K claims >$2.5M/$5M via GPOX pref+put; Staff not confirmed
ongoing
Going concern
TAAD YE2025 substantial-doubt paragraph; 10-Q reiterates
NEXT WATCH
- Sep 14, 2026 MVLS $35M deadline
- Sep 21, 2026 bid-price deadline / 2nd-period notice
- Nasdaq Staff response to equity-cure claim
- Reverse-split proposal / proxy
- ATM prints / Belleau conversions
Internal research only — not investment advice. NOT a retail broker. Cutoff 2026-09-11 09:30 ET. Source files: HTML dossier, 1-pager, social pack, and PDF linked in VIEW. Do not treat this console as a solicitation or an offer to buy or sell securities.