secwatch.observer — SEC 8-K summary
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Issuer:     SpringBig Holdings, Inc. (SBIG)
CIK:        0001801602
Form:       8-K/A
Filed at:   2022-12-01T23:59:59+00:00
Accession:  0001801602-22-000048
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801602/000180160222000048/0001801602-22-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801602/000180160222000048/form8-kaxl1restructure.htm
  HTML page:      https://secwatch.observer/filing/0001801602-22-000048

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