DefaultMay 21, 2026, 05:17 PM
SpringBig Holdings loses control of subsidiary; CEO removed
AI Summary
SpringBig Holdings, Inc. reported that its Lead Noteholders, Shalcor Management, Inc. and Lightbank II, L.P., suspended the company's voting and consensual rights in its wholly-owned subsidiary, SpringBig Inc., following a previously reported "Notice of Default" on its 2024 Secured Term Notes and 2024 Secured Convertible Notes. As a result, these rights immediately vested in Shalcor Management Inc. as collateral agent. Consequently, Jaret Christopher was removed as CEO and director of the Operating Subsidiary, with Coley Brown appointed interim CEO and Ivona Smith as a director. While noteholders have not yet accelerated repayment, the company faces limited financial resources to continue operations.
Key Highlights
- SpringBig Holdings received a "Notice of Default" on its 2024 Secured Term Notes and 2024 Secured Convertible Notes.
- Lead Noteholders suspended SpringBig Holdings' voting and consensual rights in its wholly-owned subsidiary, SpringBig Inc.
- Voting and consensual rights in SpringBig Inc. immediately vested in Shalcor Management Inc. as collateral agent.
- Jaret Christopher was removed as Chief Executive Officer and director of the Operating Subsidiary.
- Coley Brown was appointed interim Chief Executive Officer and Ivona Smith as a director of the Operating Subsidiary.
- Noteholders have not yet accelerated or demanded payment of principal but may enforce additional rights.
- The company has limited access to financial resources necessary to continue operations.
Price Impact
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