secwatch.observer — SEC 8-K summary
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Issuer:     SpringBig Holdings, Inc. (SBIG)
CIK:        0001801602
Form:       8-K
Filed at:   2024-01-24T23:59:59+00:00
Accession:  0001628280-24-002086
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SpringBig settles $11M convertible note for ~$2.9M; secures $8M new financing; targets 2024 Adj. EBITDA profit $3.5-5M
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- Agreed to pay $2,879,872 plus legal fees to retire $11M Senior Secured Convertible Note due 2024; issued 1M shares to holder L1 Capital.
- Closed $8M private placement: $6.4M 8% Convertible Note due 2026 ($0.15 conversion price) and $1.6M 12% Term Loan due 2026, net proceeds ~$4.6M.
- Insider purchasers (CEO $400K, CFO $31.25K, director $18.75K) participated on same terms.
- Preliminary FY2023 revenue $28-28.5M; Adj. EBITDA loss ~$(3.4M); December 2023 reached positive Adj. EBITDA month.
- FY2024 guidance: revenue $29.5-32.5M (~10% YoY growth at midpoint), Adj. EBITDA profit $3.5-5M; operating expenses expected ~25% lower vs 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801602/000162828024002086/0001628280-24-002086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801602/000162828024002086/wdq-20240116.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-002086

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