0001213900-26-048203
SEC filingSpringBig Holdings, Inc. received a Notice of Default on April 21, 2026, citing three alleged events of default under its $1.6M Secured Term Notes and $8.2M Secured Convertible Notes, despite being current on payments and actively negotiating with lead noteholders ahead of the January 2027 maturity.
The Notice of Default represents a material escalation in SpringBig’s debt relationship, triggering contractual remedies including acceleration of the full $9.8 million in outstanding secured notes and potential foreclosure on pledged assets. Although the Company disputes all three cited defaults — noncompliance with the minimum cash covenant for January 2026 (while asserting compliance for February and March), failure to consult noteholders (which it denies given ongoing dialogue), and misrepresentations about litigation status as of April 3, 2025 — the mere issuance of the notice introduces significant near-term financial risk. The Notes mature in January 2027, and the Company is actively engaged with Shalcor Management, Inc. and Lightbank II, L.P. to reach an agreeable solution; however, it explicitly states it has no assurance that the noteholders will refrain from exercising their rights, including demanding immediate repayment or seizing collateral. With no principal acceleration or enforcement actions taken as of April 27, 2026, the situation remains in negotiation, but the default notice materially increases refinancing risk, liquidity pressure, and uncertainty around the Company’s ability to maintain operations without restructuring or additional capital. Investors should closely monitor developments related to covenant waivers, forbearance agreements, or amendments to the Notes.