SpringBig Holdings, Inc.

SpringBig Holdings, Inc. announced that Jason Moos resigned from his position as Chief Financial Officer, effective June 30, 2026. Mr. Moos will remain employed by the company through July 11, 2026, and will subsequently provide transition and consulting services for a limited period. His resignation was not a result of any disagreement with the company's operations, policies, or practices. In connection with his retention and services, Mr. Moos received a one-time payment of $50,000 and will receive $10,000 per week for his ongoing services, including a $37,500 advance.

SpringBig Holdings, Inc. announced that James Cabral ceased serving as its Chief Operating Officer, effective June 16, 2026. Mr. Cabral is no longer employed by the company. The company clarified that his departure was not a result of any disagreement regarding its operations, policies, or practices.

SpringBig Holdings, Inc. announced that Jaret Christopher concluded his service as Chief Executive Officer and a director on May 28, 2026. His departure was not a result of any disagreement with the company's operations, policies, or practices. Pursuant to a separation agreement, Mr. Christopher will receive two months of base salary continuation, up to two months of company-paid COBRA premiums, and an additional cash payment of $50,000.

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.

SpringBig Holdings reported its first quarter 2026 financial results, achieving positive Adjusted EBITDA of $0.1 million. The company significantly narrowed its net loss by 34% year-over-year to $(0.5) million, primarily due to a 21% reduction in total operating expenses. While total revenue slightly decreased to $5.4 million, subscription revenue remained consistent, and message volume on its platform grew 11%. Management emphasized disciplined cost reductions and expansion into new regulated markets beyond cannabis.

SpringBig Holdings, Inc. reported a net loss of $494,000 for the first quarter of 2026, an improvement from the prior year, despite a slight decrease in net revenues to $5.44 million. However, the company disclosed a significant going concern risk due to recurring losses, an accumulated deficit of $42.2 million, and a working capital deficit of $13.2 million. Critically, SpringBig received a Notice of Default on its 2024 Secured Convertible and Term Notes on April 21, 2026, which could lead to acceleration of debt payments or foreclosure on assets.

SpringBig Holdings, Inc. filed an amendment to its Form 10-K, detailing significant changes to its Board of Directors and executive leadership. The board size was reduced from six to five members following multiple director resignations, including former Chairman Jeffrey Harris. Jaret Christopher was appointed CEO and Chairman, with Jason Moos as CFO and James Cabral as COO, and new compensation packages were outlined for these executives. The company also settled litigation with former CEO Jeffrey Harris for $200,000 and finalized a separation agreement with former CFO Paul Sykes.

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.

SpringBig Holdings, Inc. has formalized an Executive Employment Agreement with its Chief Executive Officer, Jaret Christopher, effective April 1, 2026. This agreement supersedes the offer letter from March 13, 2025, which had been previously disclosed. The terms of the new agreement are largely consistent with the prior disclosure, providing for a three-year initial term and a compensation package including a $450,000 annual base salary and a target annual cash bonus opportunity equal to 50% of his base salary. This formalization provides clarity and stability regarding the CEO's tenure and compensation structure, aligning with previously communicated expectations for institutional investors.