Form 4: SpringBig Holdings CEO Acquires Convertible Promissory Notes and Underlying Shares
SEC Form 4
SpringBig Holdings CEO, Jeffrey Todd Harris, acquired $160,000 in convertible promissory notes and the underlying common stock on January 17, 2025.
Summary
- Jeffrey Todd Harris, the CEO of SpringBig Holdings, acquired $160,000 worth of 8% Senior Secured Convertible Promissory Notes due in 2026 on January 17, 2025.
- These notes are convertible into 1,066,667 shares of common stock at a conversion price of $0.15 per share.
- The notes were acquired directly by Mr. Harris.
Sentiment
Score: 7
Explanation: The CEO's investment is a positive sign, but the potential dilution from conversion is a minor concern. Overall, the sentiment is moderately positive.
Positives
- The CEO's investment in convertible notes and underlying shares demonstrates confidence in the company's future.
Risks
- The conversion of the notes could potentially dilute existing shareholders if the notes are converted to common stock.
Industry Context
This type of transaction is common for executives in publicly traded companies, often used as a form of compensation or investment in the company's future.
Comparison to Industry Standards
- Similar transactions are common among executives in publicly traded companies, where convertible notes are used as a form of compensation or investment.
- The conversion price of $0.15 per share will be compared to the market price of the stock at the time of conversion to determine the value of the notes.
Stakeholder Impact
- Shareholders may view the CEO's investment as a positive signal of confidence in the company.
- Potential dilution of existing shares could occur if the notes are converted to common stock.
Key Dates
| Date | Description |
|---|---|
| 01/23/2024 | Date the convertible promissory notes were issued. |
| 01/17/2025 | Date of the transaction where the CEO acquired the convertible promissory notes. |
| 01/22/2025 | Date the form was signed. |
| 01/23/2026 | Expiration date of the convertible promissory notes. |
Keywords
Convertible Notes, Promissory Notes, Beneficial Ownership, SpringBig Holdings, CEO, Jeffrey Todd Harris, SBIG, Securities
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