David May, serving as a director at SurgePays, Inc. (NASDAQ:SURG), has completed a series of share purchases totaling $21,151. The transactions, documented in a Form 4 filing submitted to the Securities and Exchange Commission, were executed over a three-day period in early June. May acquired a total of 40,250 shares at a price of $0.5255 per share. These purchases were made pursuant to a limit order for 40,250 shares at that specific price, which was entered on June 3, 2026.
The transactions were executed on the following dates:
- June 3, 2026: 5,413 shares were purchased.
- June 4, 2026: 121 shares were purchased.
- June 5, 2026: 34,716 shares were purchased.
The purchases come as SURG trades near its 52-week low of $0.46, with the stock down 81% over the past year. According to InvestingPro analysis, the stock appears undervalued at current levels, with 16 additional ProTips available to subscribers offering deeper insights into the company’s financial position.
Following these acquisitions, Mr. May directly owns 156,626 shares of SurgePays common stock. The reported direct ownership figure does not include other shares deemed beneficially owned by Mr. May, which include 41,750 shares held by XIV LLC, 15,000 shares issuable from previous restricted share awards, and 12,295 shares held in the name of Mr. May’s spouse.
In other recent news, SurgePays Inc. reported its first-quarter 2026 earnings, which fell short of expectations. The company announced an earnings per share (EPS) of -$0.51, significantly missing the forecasted $0.01. Additionally, SurgePays reported revenue of $15.98 million, which was well below the anticipated $31.7 million, resulting in a surprise of -49.59%. In another development, SurgePays has engaged BrandRap, a consultancy firm based in Irvine, California, to develop a real-time AI decisioning engine for its ProgramBenefits.com platform. This engine aims to score eligibility and predict conversion probability across various verticals, with Phase 1 production expected by July 2026. These updates reflect the latest developments in the company’s strategic and financial activities.