SpringBig amends convertible note; sets monthly principal payments starting Jan 2023

SpringBig Holdings, Inc.

Outstanding principal reduced to $9.8M after $1M prepayment and $200K conversion.
Monthly principal payments: $344,444.44 on Jan 3, 2023, then $556,209.15/month starting Feb 1, 2023.
Prior December 1, 2022 amendment voided; interest remains payable per original note terms.
Company must file Form 8-K disclosing terms by 5:30 p.m. on the second trading day after execution.
Breach of amendment constitutes an Event of Default under the note and purchase agreement.

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 No. 2 with L1 Capital Global Opportunities Master Fund (effective 2022-12-28).

Action: amendment
Agreement: notes offering
Counterparty: L1 Capital Global Opportunities Master Fund
Effective: 2022-12-28

Exact text from the filing

On December 28, 2022, SpringBig Holdings, Inc. (the “Company”) entered into an Amendment No. 2 (the “Second Amendment”) to each of 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 between the Company and the Holder (the “Purchase Agreement”).

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SpringBig Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001801602-22-000058

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