SurgePays, Inc. (NASDAQ: SURG) announced the completed sale of its ClearLine point-of-sale engagement platform, its Managed Marketing Services platform, and a turnkey prepaid wireless company to GPO Plus, Inc. for a total consideration of $27.5 million.

As consideration, GPO Plus issued 25,000,000 shares of newly designated Series D Preferred Stock to SurgePays. SurgePays also entered into a put option agreement with Emerald Shoals Targeted Opportunities Fund LP, giving SurgePays the right to sell the Series D Preferred Stock, or the common stock it converts into, to Emerald Shoals for $27.5 million in cash.

ClearLine is a digital marketing platform that enables credit card payment terminals and customer-facing screens to function as marketing channels for retailers. The platform is backed by U.S. Patent No. 12,632,881 B2, covering its merchant engagement technology. The Managed Marketing Services platform converts smart TVs installed in retail locations into remotely controlled media channels. The turnkey prepaid wireless company was built using SurgePays' existing platforms, carrier contracts, and integrated software infrastructure.

Brian Cox, Chief Executive Officer of SurgePays, said the transaction would allow the company to focus on its core prepaid wireless and fintech businesses. "For SurgePays, monetizing ClearLine and the turnkey MVNO strengthens our balance sheet and lets us put our full focus on our core prepaid wireless and fintech businesses," Cox said.

SurgePays filed a Current Report on Form 8-K with the Securities and Exchange Commission on the date of the announcement, including the Asset Purchase Agreement and related agreements.