SpringBig Holdings, Inc. entered into a Reorganization Agreement under which the collateral securing its Senior Secured Convertible Promissory Note and Senior Secured Term Promissory Note was transferred, pursuant to Section 272(b) of the Delaware General Corporation Law, to an entity designated by the secured lenders. The collateral included all issued and outstanding equity of SpringBig, Inc., the subsidiary through which the company conducted its business operations. As a result, the company has been fully released from obligations under the Notes totaling approximately $12.5 million of principal and accrued interest, and substantially all of its assets are now owned and controlled by the transferee.
Following this reorganization transaction, the company plans to pursue a strategic business combination; if it cannot consummate such a transaction, it indicates it will likely wind down its affairs and dissolve. The board appointed Andrew Jay Glashow, age 63, as a Class I director and as Chief Executive Officer, effective July 10, 2026. He has 25 years of capital markets and growth-stage experience and is considered an audit committee financial expert. His compensation includes an annual base salary of $125,000, with $10,000 paid upon appointment, $2,500 per month thereafter, and the balance payable no later than the first anniversary of his appointment, plus a potential performance bonus if a strategic transaction is consummated.
SpringBig Holdings, Inc. disclosed that Jason Moos resigned as Chief Financial Officer effective June 30, 2026. He will remain an employee through July 11, 2026 and then provide transition and consulting services for a limited period.
The company states that his resignation was not due to any disagreement over operations, policies, or practices. Under a Key Employee Retention, Transition, and Resignation Agreement, Mr. Moos received a one-time payment of $50,000 and will be paid $10,000 per week for his ongoing services, including a $37,500 advance. The agreement also includes standard release, confidentiality, and restrictive covenant provisions.
SpringBig Holdings, Inc. reported a leadership change, stating that effective June 16, 2026, James Cabral ceased serving as Chief Operating Officer and is no longer employed by the company. The company specifically notes that his departure was not due to any disagreement regarding its operations, policies, or practices.
SpringBig Holdings, Inc. announced that it entered into a Separation Agreement with Chief Executive Officer and director Jaret Christopher, and his service in both roles concluded effective May 28, 2026. The company states his departure was not due to any disagreement over operations, policies, or practices.
Under the Separation Agreement, Mr. Christopher will receive continuation of his base salary and company-paid COBRA premiums for up to two months, plus an additional cash payment of $50,000, subject to a 30-day review period without rescission and compliance with the agreement. No unvested compensatory awards were accelerated, and the agreement includes a general release of claims and customary confidentiality, non-disparagement, non-solicitation, non-competition, and cooperation obligations.
SpringBig Holdings, Inc. reports that its principal noteholders have exercised key default rights under its 2024 secured notes. On May 15, 2026, the noteholders suspended SpringBig’s voting and other consensual rights over its equity in its wholly owned operating subsidiary, SpringBig Inc., and vested those rights in Shalcor Management Inc. as collateral and administrative agent.
Following this shift in control, Jaret Christopher was removed as chief executive officer and director of the operating subsidiary, with Coley Brown named interim CEO and Ivona Smith appointed as a director. The noteholders have not yet accelerated or demanded principal repayment, but SpringBig states it has limited access to the financial resources needed to continue operations and offers no assurance that further creditor actions will not occur.
SpringBig Holdings reported first quarter 2026 results showing tighter cost control but continued losses. Net revenues were $5.4 million, slightly below $5.5 million a year earlier, while total operating expenses fell to $3.7 million from $4.7 million, a 21% reduction.
Net loss narrowed to $0.5 million, a 34% improvement from $0.8 million, and Adjusted EBITDA turned positive at $0.1 million. Message volume on the platform grew 11% year-over-year, indicating client activity remains solid. Cash stood at $1.3 million as of March 31, 2026, against total liabilities of $17.2 million and a stockholders’ deficit of $12.9 million.
Management highlighted ongoing cost cuts, operational optimization and expansion into gaming and other regulated verticals beyond cannabis. The release also points to risks around liquidity, the company’s ability to continue as a going concern, and resolving matters related to secured notes.
SpringBig Holdings provides loyalty and marketing software to cannabis retailers and brands. For the quarter ended March 31, 2026, revenue was $5.4 million, down slightly from $5.5 million a year earlier as subscription revenue was flat and usage-based revenue softened. Gross profit fell to $3.6 million from $4.3 million, mainly from higher messaging costs tied to a revised agreement with the company’s largest vendor.
Operating expenses declined 21% to $3.7 million after restructuring and tighter cost control, narrowing the net loss to $0.5 million from $0.8 million. Adjusted EBITDA was $0.1 million, down from $0.3 million. Cash stood at $1.3 million, but the company reported a $13.2 million working capital deficit and reclassified its $9.8 million of secured notes as current liabilities.
Management disclosed substantial doubt about the ability to continue as a going concern. In April 2026, holders of the 2024 Secured Convertible and Term Notes delivered a Notice of Default, giving them rights to accelerate repayment and potentially foreclose on assets, although they have not yet exercised these remedies.
AWM Investment Company, Inc. reported beneficial ownership of 4,112,572 shares of SpringBig Holdings, Inc. Common Stock, equal to 8.5% of the class. The holdings are held through three funds: 497,291 shares (CAYMAN), 1,738,902 shares (SSFQP) and 1,876,379 shares (SSPE).
The filing states AWM, as investment adviser, has sole voting and sole dispositive power over these shares. The report is signed by Adam Stettner on 05/04/2026.
SpringBig Holdings, Inc. filed an amended annual report to add detailed Part III information on directors, executive compensation, ownership and related-party transactions, without changing prior financial statements.
The filing notes non‑affiliate equity market value of $1.4 million on June 30, 2025 and 48,584,437 common shares outstanding as of March 9, 2026.
SpringBig Holdings, Inc. received a formal notice of default from the principal holders of its 2024 Secured Term Notes and 2024 Secured Convertible Notes, which mature in January 2027. The notice cites alleged breaches of a minimum cash covenant, consultation obligations and certain litigation-related representations, which the company disputes.
The notes permit remedies such as accelerating all unpaid principal and interest and foreclosing on company assets if an event of default is enforced. As of April 27, 2026, about $1.6 million of secured term notes and $8.2 million of secured convertible notes were outstanding, and the holders have not yet accelerated or foreclosed.