SpringBig completes reorganization, eliminates $12.5 million secured debt
SBIG•Parent released from secured notes debt
The parent was released from about $12.5 million of principal and accrued interest under its secured notes.
SpringBig now describes itself as a debt-free SEC-reporting issuer reviewing strategic alternatives to increase stockholder value.
Reorganization removes operating subsidiary from public parent
SpringBig completed a reorganization that removed its former operating subsidiary from the public parent.
Secured lenders received ownership of the former operating unit through a designated entity.
