SCHEDULE: Zeff Entities Disclose 8.1% Stake in Surge Components

Zeff Capital, Zeff Holding Company, and Daniel Zeff jointly report an 8.1% beneficial ownership stake in Surge Components, Inc. common stock.

Summary

• Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff (the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their ownership in Surge Components, Inc.
• The Reporting Persons collectively beneficially own 462,215 shares of Surge Components, Inc. Common Stock.
• This ownership represents 8.1% of the outstanding Common Stock of Surge Components, Inc.
• The percentage is calculated based on 5,706,732 shares outstanding as of October 11, 2025, as reported in Surge Components, Inc.'s Form 10-Q for the fiscal quarter ended August 31, 2025.
• Daniel Zeff holds sole voting and dispositive power over the 462,215 shares, while Zeff Capital, LP and Zeff Holding Company, LLC hold shared voting and dispositive power over the same amount.
• The Reporting Persons certified that the securities were not acquired or held for the purpose of changing or influencing control of Surge Components, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant 8.1% stake by an institutional investor group, Zeff Capital, can be viewed positively as it signals confidence in Surge Components, Inc. by a sophisticated investor. The certification against control-seeking intent (other than 14a-11 nominations) suggests a passive, long-term investment focus.

Positives

• A significant institutional investor group, Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff, maintains an 8.1% beneficial ownership stake in Surge Components, Inc., signaling continued investor confidence.

Risks

• The filing does not explicitly detail risks related to Surge Components, Inc.'s operations or financial health; it is a disclosure of beneficial ownership.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Surge Components, Inc. or the Reporting Persons regarding the company's future performance or strategic direction, beyond the certification of investment intent.

Management Comments

• The Reporting Persons certified 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, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This Schedule 13G filing is a routine disclosure of a significant ownership stake by an institutional investor. It does not provide specific insights into broader industry trends for the components sector or competitive landscape, but rather reflects an investor's position in Surge Components, Inc.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure of beneficial ownership and does not contain information that allows for a direct comparison of Surge Components, Inc.'s operational or financial results against global industry benchmarks or specific comparable companies/projects.

Stakeholder Impact

• Shareholders: The disclosure of a significant 8.1% stake by Zeff Capital, LP, Zeff Holding Company, LLC, and Daniel Zeff could be perceived as a vote of confidence, potentially influencing investor sentiment and share price.
• Company Management: Awareness of a substantial institutional shareholder may influence management's strategic decisions and communication.

Next Steps

• The filing does not explicitly mention any future actions, events, or milestones for Surge Components, Inc. or the Reporting Persons, beyond the ongoing regulatory requirement to update ownership disclosures if material changes occur.

Key Dates

Recommendation

This filing is a routine disclosure of a significant beneficial ownership stake by an institutional investor. While the 8.1% stake by Zeff Capital, LP and related entities indicates a degree of confidence, the filing itself does not provide new financial or operational data about Surge Components, Inc. that would warrant a change in investment thesis. It primarily confirms an existing, substantial position. Therefore, a 'hold' recommendation is appropriate, pending further operational or financial updates from the company.

Keywords

Surge Components, Inc., Zeff Capital, Zeff Holding Company, Daniel Zeff, Schedule 13G, beneficial ownership, common stock, institutional investor, equity stake, SEC filing