SurgePays Inc (SurgePays (SURG)) shares are charging higher by more than 35% Thursday afternoon as investors digest a revised wholesale agreement that removes a big chunk of financial pressure.

What's Driving SurgePays Stock Higher?

The company amended its wholesale agreement with AT&T Inc (AT&T (T)), eliminating all remaining minimum spend commitments that previously required an aggregate minimum spend of $50 million over the initial three-year term. AT&T also agreed to waive about $10.3 million in previously billed minimum-commitment charges, which reduces accounts payable and is expected to create an estimated second-quarter 2026 gain of about $8.5 million.

SurgePays is pitching the amendment as a direct margin lever. CFO Chelsea Pullano said it "removes a significant contingent liability" while improving economics on "every subscriber we add going forward," and CEO Brian Cox flagged lower cost of goods sold and broader margin expansion.

SurgePays Stock: Key Levels to Watch

Today's spike has pushed the stock above its 20-day and 50-day averages (about 37% above the 20-day SMA and about 17% above the 50-day SMA), which often acts like a short-term "reset" after a prolonged slide. The bigger picture is still heavy, though, with shares still about 9% below the 100-day SMA and about 57% below the 200-day SMA, keeping the long-term trend bearish.

Momentum is improving: MACD is above its signal line and the histogram is positive, which typically means downside pressure is easing versus the prior downswing. In plain English, MACD compares two moving averages, and being above the signal line suggests buyers are starting to gain traction even if the longer-term trend hasn't fully flipped.

The longer-term damage is also visible in the crossover structure, with the 20-day SMA still below the 50-day SMA and a Death Cross (50-day below 200-day) that formed in December 2025. From a levels standpoint, the stock is still closer to its June low than its July 2025 52-week high, so follow-through matters more than the first bounce.

• Key Resistance: 66 cents — Lines up with the 100-day SMA area, a common spot where countertrend rallies can stall.
• Key Support: 51 cents — Near the 50-day SMA "gravity" zone that often acts as a first pullback test after a sharp pop.

What Is SurgePays and Its Business Model?

SurgePays is a wireless and point-of-sale technology company that targets underserved and value-conscious consumers through a mix of retail distribution and digital acquisition. It sells mobile connectivity, financial technology services and transaction processing through a platform that ties together wireless services, point-of-sale software and retail distribution.

It operates across wireless services (MVNO telecom), platform services (its MVNE enablement platform, HERO), and wholesale enablement (comprehensive platform services). That's why the AT&T wholesale amendment matters: better wholesale pricing and the removal of minimum-spend commitments can directly change unit economics for subscriber acquisition and recurring service costs.

SurgePays Stock Price Movement Today

SurgePays shares closed Thursday up 38.08% at 57 cents, according to market data.