SpringBig closes $4M public offering; guides Q2 revenue $7.3-7.6M

SpringBig Holdings, Inc.

Raised ~$3.0M gross cash from 13.06M shares at $0.3037; $1.0M convertible note cancelled for shares.
Insider purchasers: CEO Jeff Harris ($200K), CFO Paul Sykes ($50K), and other directors.
Q2 2023 guidance: revenue $7.3-7.6M (15% YoY growth at midpoint); Adj EBITDA loss $(0.9)-(1.2)M.
Cost cuts reduce annualized opex to ~$25M (30% below H2 2022 run-rate); expects positive Adj EBITDA in Q3 2023.
Note balance reduced to $6.0M; $0.5M due in H2 2023, balance payable by March 2025.

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. entered into Purchase Agreement with certain purchasers, including the Insider Purchasers valued at approximately $2.5 million (effective 2023-05-26).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers, including the Insider Purchasers
Value: approximately $2.5 million
Effective: 2023-05-26

Exact text from the filing

On May 26, 2023, SpringBig Holdings, Inc. (the “Company”), entered into a placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners, LLC (the “Placement Agent”) and a securities purchase agreement (the “Purchase Agreement”) with certain purchasers, including the Insider Purchasers (as defined below) for the purchase and sale, in a registered public offering by the Company (the “Offering”) of 13,061,014 shares of its common stock, par value $0.0001 per share (“Common Stock”) at an at-the-market public offering price of $0.3037 per share, resulting in net cash proceeds to the Company of approximately $2.5 million

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SpringBig Holdings, Inc. entered into Placement Agency Agreement with Roth Capital Partners, LLC (effective 2023-05-26).

Action: entry
Agreement: underwriting
Counterparty: Roth Capital Partners, LLC
Effective: 2023-05-26

Exact text from the filing

On May 26, 2023, SpringBig Holdings, Inc. (the “Company”), entered into a placement agency agreement (the “Placement Agency Agreement”) with Roth Capital Partners, LLC (the “Placement Agent”) and a securities purchase agreement (the “Purchase Agreement”) with certain purchasers

View on SEC.gov

281 material agreements filed in the last 30 days. Browse all material agreements →

SpringBig Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001801602-23-000060

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