SpringBig Holdings, Inc.
AI Executive Summary
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SpringBig Holdings defaulted on its Senior Secured Convertible and Term Notes in early 2026, and following noteholder enforcement actions, the Company was forced to transfer all of its equity interests in its sole operating subsidiary, SpringBig, Inc., to the noteholders in a July 2026 Reorganization. As a result, the Company no longer owns or operates any business, has become a shell entity, and explicitly discloses that it will likely liquidate and wind up its affairs unless it can identify and consummate a new strategic business combination.
Red Flags Detected (7)
Company defaulted on $8.0 million aggregate Senior Secured Convertible and Term Notes (covenant breach reported Feb 6, 2026)
Formal Notice of Default and Notice of Termination received from noteholders on April 21, 2026
Noteholders began exercising remedies (including foreclosure on substantially all company assets) on May 15, 2026
4 more red flags detected
Key Takeaways
As of the filing, SpringBig Holdings, Inc. no longer owns or operates the SpringBig loyalty marketing software business
The Reorganization released the Company from ~$8 million in secured note obligations but at the cost of surrendering its core operating subsidiary
3 more takeaways
Filing Overview
What This Means
High Risk Filing: This company is showing signs of financial stress or significant operational challenges.
Deteriorating Trend: Conditions are worsening compared to previous filings. This may create opportunities for service providers.
Quarterly Report: Interim filing with unaudited financial data for the quarter.