SpringBig Holdings (SBIG) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 23, 2024, SpringBig Holdings, Inc. issued $6.4 million in Convertible Notes and $1.6 million in Term Notes in a private placement with Purchasers including Shalcor Management, Inc. and Lightbank II, L.P. Concurrently, a Director Nomination Agreement was established, granting the Investors rights to appoint three directors to the Company’s board, with Matt Sacks and Shawn Dym nominated as initial directors. Further appointments can be made by the Investors at a later date.
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