SpringBig amends convertible note with L1 Capital; payment schedule reset, conversion price $1.00

SpringBig Holdings, Inc.

Immediate $100k principal payment on May 25, 2023; $750k upon closing of $5.5M May 2023 offering.
Investor L1 Capital to buy $1.5M securities in offering ($250k cash, $1.25M debt reduction).
Maturity date extended to earlier of final payment or March 5, 2025; conversion/warrant price set at $1.00/share.
Monthly principal payments from June 2023 to March 2024 ($50k-$200k) then $386k/month starting April 2024.
Waives prior payment default and registration lapse; resale volume capped at 15% of 5-day average.

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. 3 with L1 Capital Global Opportunities Master Fund valued at $100,000 (effective 2023-05-24).

Action: amendment
Agreement: equity purchase
Counterparty: L1 Capital Global Opportunities Master Fund
Value: $100,000
Effective: 2023-05-24

Exact text from the filing

On May 24, 2023, SpringBig Holdings, Inc. (the “Company”) entered into an Amendment No. 3 (the “Third Amendment”) with L1 Capital Global Opportunities Master Fund (the “Investor”) to each of (i) the Securities Purchase Agreement

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SpringBig Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001801602-23-000042

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