SpringBig entered into a Reorganization Agreement to transfer the equity of its operating subsidiary to a lender-controlled transferee under Delaware law. The move releases the company from approximately $12.5 million of principal and accrued interest under its senior secured notes. Following the transaction, substantially all of SpringBig’s assets are owned by the transferee, and the company plans to seek a strategic business combination or consider dissolution if none is completed.
Agreement details:
- Agreement type: Reorganization Agreement for collateral transfer under DGCL 272(b)
- Counterparty: Shalcor Management; Lightbank II; LS Round II
- Signed / Effective: Jul 13 2026 / Jul 13 2026
- Duration / Termination: One-time transaction
- Reason: Eliminate debt and enable strategic alternatives
Original SEC Filing:
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