Push release content from World Newswire. The AP information team was not included in its creation.
Maintains strong proforma balance sheet envisioned to fund operations further than cashflow split-even
Reports public float in extra of 6.6 million shares as of closing
BOCA RATON, Fla., June 21, 2022 (World NEWSWIRE) — SpringBig Holdings, Inc. (NASDAQ: SBIG, SBIGW) (the “Company” or “springbig”), a foremost supplier of SaaS-based marketing and advertising methods, purchaser cellular app encounters, and omnichannel loyalty courses to the hashish industry, announced that it has filed a Type 8-K with the U.S. Securities and Exchange Commission, supplying supplemental particulars encompassing its enterprise combination with Tuatara Money Acquisition Corporation (“TCAC”), which closed on June 14, 2022 (“Business Combination”).
Immediately after the Small business Mixture, springbig has a robust balance sheet with funds of $15 million. Concurrently with the completion of the Organization Blend, the Enterprise shut on the remaining funding from the formerly declared fairness PIPE transaction, in addition to issuing $11 million of senior secured convertible notes to a global institutional trader for personal loan proceeds to the Company of $10 million. The proceeds transferred from the TCAC belief account had been $8.8 million.
Paul Sykes, Main Money Officer of springbig, said: “We are happy to have shut our company blend in a potent economic position in spite of challenging market circumstances. With our robust harmony sheet and funds sources, we believe that we are properly positioned to reach cashflow breakeven by early 2023. This is anticipated to be further more improved by our access to the money markets, which allows us to aggressively go after strategic M&A targets that complement our company’s sturdy natural and organic development profile.”
Mr. Sykes extra, “Additionally, we also needed to ensure that we started our journey as a public organization with a substantial public float and we are thrilled to have obtained this with a public float in extra of 6.6 million shares as of closing.”
The Company’s community float represents approximately 26% of the somewhere around 25.3 million shares issued and superb as of the closing.
springbig is a marketplace-foremost software program platform giving shopper loyalty and marketing automation alternatives to cannabis merchants and models in the U.S. and Canada. springbig’s platform connects people with vendors and brands, mostly via SMS advertising and marketing, as well as e-mail, consumer comments process, and loyalty programs, to guidance retailers’ and brands’ consumer engagement and retention. springbig gives advertising automation methods that present for consistency of buyer interaction, therefore driving client retention and retail foot targeted visitors. On top of that, springbig’s reporting and analytics offerings supply precious insights that customers utilize to much better fully grasp their buyer base, buying patterns and trends. For far more info, visit https://springbig.com/.
Investor Relations Speak to
Courtney Van Alstyne
Specific statements contained in this press release represent “forward-on the lookout statements” inside the meaning of federal securities rules. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and identical expressions may determine forward-searching statements, but the absence of these text does not necessarily mean that a statement is not ahead-wanting. Forward-seeking statements are predictions, projections and other statements about potential activities that are primarily based on present-day anticipations and assumptions and, as a consequence, are matter, are subject to risks and uncertainties. Quite a few things could lead to precise long run gatherings to differ materially from the forward-looking statements in this press launch, which includes but not restricted to the hazards and uncertainties described in the “Risk Factors” part of TCAC’s Yearly Report on Form 10-K and registration assertion on Type S-4 (the “Registration Statement”), the proxy statement/prospectus relating to the Business Mixture, and other documents submitted by springbig from time to time with SEC. These forward-looking statements contain a variety of pitfalls and uncertainties (some of which are past the manage of springbig), and other assumptions, that might lead to the genuine results or efficiency to be materially distinct from all those expressed or implied by these forward-seeking statements. Readers are cautioned not to set undue reliance on ahead-on the lookout statements and springbig undertakes no obligation to subsequently update or revise the ahead-on the lookout statements made in this press release, other than as needed by regulation. springbig does not give any assurance that it will accomplish its anticipations.