---
schema_version: "secwatch.filing_event.v1"
accession: "0001801602-22-000048"
form_type: "8-K/A"
ticker: "SBIG"
cik: "0001801602"
company_name: "SpringBig Holdings, Inc."
filed_at: "2022-12-01T23:59:59+00:00"
generated_at: "2026-06-21T11:05:45.330186+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001801602-22-000048
- form_type: 8-K/A
- ticker: SBIG
- cik: 0001801602
- company_name: SpringBig Holdings, Inc.
- filed_at: 2022-12-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1801602/000180160222000048/0001801602-22-000048-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1801602/000180160222000048/form8-kaxl1restructure.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001801602-22-000048
- JSON: https://secwatch.observer/filing/0001801602-22-000048.json
- Plain text: https://secwatch.observer/filing/0001801602-22-000048.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1801602/000180160222000048/0001801602-22-000048-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.