SCHEDULE: Zeff Capital Discloses 5.9% Stake in Surge Components

Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff have jointly reported a 5.9% passive ownership stake in Surge Components, Inc.

Summary

• Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff (the "Reporting Persons") have jointly filed a Schedule 13G.
• The Reporting Persons collectively beneficially own 335,000 shares of Common Stock of Surge Components, Inc.
• This ownership represents 5.9% of the outstanding Common Stock of Surge Components, Inc.
• The percentage is calculated based on 5,706,732 shares of Common Stock outstanding as of October 11, 2025, as reported in Surge Components, Inc.'s Form 10-Q for the fiscal quarter ended August 31, 2025.
• The Reporting Persons hold shared voting power and shared dispositive power over all 335,000 shares.
• The filing indicates a passive investment, with the Reporting Persons certifying that the securities were not acquired or held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership, indicating a passive investment without explicit positive or negative commentary on the issuer's performance or outlook.

Positives

• The disclosure of a 5.9% stake by Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff indicates significant institutional interest in Surge Components, Inc., which may be viewed positively by the market as a vote of confidence.

Negatives

• The filing itself does not contain any negative information regarding Surge Components, Inc.'s operations or financial health, as it is a purely factual ownership disclosure.

Future Outlook

NA

Management Comments

• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities, and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

This filing represents a routine disclosure of a significant passive ownership stake by an institutional investor group, a common occurrence in public markets. It does not inherently reflect broader industry trends but rather a specific investment decision.

Comparison to Industry Standards

• A 5.9% ownership stake is a notable position for an institutional investor group in a publicly traded company, often signaling a belief in the company's long-term value or potential for appreciation.

Stakeholder Impact

• Shareholders: Increased transparency regarding a significant institutional holder, potentially leading to increased market interest or scrutiny of the stock.
• Company Management: Awareness of a significant passive investor group holding a notable stake in the company.

Key Dates

Recommendation

The filing discloses a significant passive ownership stake by Zeff Capital and related entities in Surge Components, Inc. While this indicates institutional interest, the Schedule 13G is a factual ownership report and does not provide new financial or operational data to fundamentally alter the investment thesis. Therefore, a 'hold' recommendation is appropriate, pending further analysis of the company's fundamentals and market conditions.

Keywords

Surge Components, Zeff Capital, Schedule 13G, passive investment, share ownership, institutional investor, common stock, beneficial ownership