DefaultApr 28, 2026, 06:17 AM
SBIG Receives Notice of Default on $9.8M Secured Notes
AI Summary
SpringBig Holdings, Inc. received a Notice of Default on April 21, 2026, concerning its 2024 Secured Term Notes and 2024 Secured Convertible Notes, totaling approximately $9.8 million. The notice cites alleged non-compliance with a minimum cash covenant, failure to consult with lead noteholders, and false representations regarding litigation. Despite the notice, the company disputes the claims and is actively engaging with noteholders for a solution. As of April 27, 2026, noteholders have not yet accelerated payments or foreclosed on assets.
Key Highlights
- SpringBig Holdings, Inc. received a Notice of Default on April 21, 2026, for its 2024 Secured Term Notes and 2024 Secured Convertible Notes.
- The outstanding amount on the 2024 Secured Term Notes is approximately $1.6 million.
- The outstanding amount on the 2024 Secured Convertible Notes is approximately $8.2 million.
- Total outstanding debt subject to the default notice is approximately $9.8 million.
- Alleged defaults include non-compliance with a minimum cash covenant for January 2026.
- The company disputes the alleged defaults and is actively engaging with lead noteholders for a solution.
- Noteholders have not yet accelerated payments, foreclosed on assets, or exercised other remedies.