SpringBig restructures $11M convertible note with L1 Capital, defers principal to Dec 2023

SpringBig Holdings, Inc.

Company to pay $1M immediately and another $1M on Jan 3, 2023 toward principal.
Remaining principal deferred until Dec 1, 2023; then monthly payments up to $375k with final maturity June 2, 2025.
Conversion price until Dec 1, 2023: 80% of Market Price, capped at 25% of monthly volume or $325k per month.
After Dec 1, 2023, conversion price fixed at $12.00 per share.
Interest remains payable per original note terms; $5k legal fees to be paid by company.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SpringBig Holdings, Inc. amended Amendment with L1 Capital Global Opportunities Master Fund valued at $1,000,000 (effective 2022-12-01).

Action: amendment
Agreement: notes offering
Counterparty: L1 Capital Global Opportunities Master Fund
Value: $1,000,000
Effective: 2022-12-01

Exact text from the filing

On December 1, 2022, SpringBig Holdings, Inc. (the “Company”) entered into an Amendment (the “Amendment”) to the Senior Secured Original Issue Discount Convertible Promissory Note, dated June 14, 2022 (the “Note”) made by the Company in favor of L1 Capital Global Opportunities Master Fund, a Cayman Islands business organization (the “Holder”), and the Securities Purchase Agreement, dated April 29, 2022 (the “Purchase Agreement”) between the Company and the Holder.

View on SEC.gov

281 material agreements filed in the last 30 days. Browse all material agreements →

SpringBig Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001801602-22-000048

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.