SpringBig Holdings (SBIG) has released an update to notify the public and investors about an entry into a material definitive agreement.
SpringBig Holdings, Inc. settled its outstanding debt with L1 Capital Global Opportunities Master Fund by agreeing to pay $2,879,872 and issuing 1,000,000 shares of common stock. To fund this settlement and for general corporate purposes, the Company raised $6.4 million through Senior Secured Convertible Promissory Notes and $1.6 million through Senior Secured Term Promissory Notes in a private placement. These notes are due in 2026 and are secured against the Company’s assets. Some of the Company’s executive officers also participated in the purchase of these notes, and a Registration Rights Agreement was entered into with the Purchasers to facilitate the resale of the shares of common stock underlying the Convertible Notes.
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