SpringBig Holdings, Inc. (SBIG): debt financing — SpringBig default: Lead Noteholders suspend voting rights, remove CEO Jaret Christopher, appoint interim CEO

SpringBig Holdings, Inc.

Lead Noteholders sent notice on May 15, 2026 suspending SpringBig's voting rights in subsidiary SpringBig Inc., vesting them in Shalcor Management.
Jaret Christopher removed as CEO and director of SpringBig Inc.; Coley Brown appointed interim CEO, Ivona Smith appointed director.
Noteholders have not accelerated principal payments, but company has limited access to financial resources needed to continue operations.
Default relates to 2024 Secured Term Notes and 2024 Secured Convertible Notes, previously reported on April 28, 2026.

item 2.04

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SpringBig Holdings, Inc. reported a default on senior notes with Shalcor Management, Inc. and Lightbank II, L.P..

Instrument: senior notes
Counterparty: Shalcor Management, Inc. and Lightbank II, L.P.
Event: default

Exact text from the filing

On May 15, 2026, the Lead Noteholders sent a "Notice of Suspension of Rights and Exercise of Rights with respect to Pledged Securities, and Reservation of Rights" to the Company, resulting in the immediate suspension of all voting and other consensual rights of the Company on account of the Company's equity interests in SpringBig Inc., its wholly-owned subsidiary through which it operates its business (the "Operating Subsidiary"), and immediate vesting of all such voting and other consensual rights in Shalcor Management Inc., as collateral agent and administrative agent under the Notes.

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Source: SEC EDGAR

accession 0001213900-26-060149

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