secwatch.observer — SEC 8-K summary
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Issuer:     SpringBig Holdings, Inc. (SBIG)
CIK:        0001801602
Form:       8-K
Filed at:   2023-05-25T23:59:59+00:00
Accession:  0001801602-23-000042
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1801602/000180160223000042/0001801602-23-000042-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1801602/000180160223000042/form8-kxl1amendment3.htm
  HTML page:      https://secwatch.observer/filing/0001801602-23-000042

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer