Lead noteholders Shalcor Management and Lightbank II have exercised rights to suspend all voting and consensual rights of SpringBig Holdings regarding its operating subsidiary. The noteholders have removed Jaret Christopher as CEO and director of the operating subsidiary. Coley Brown has been appointed as interim CEO of the operating subsidiary, and Ivona Smith has been appointed as a director. The company acknowledges it has limited access to financial resources necessary to continue operations. While the noteholders have not yet accelerated or demanded immediate repayment of principal, the company faces significant uncertainty regarding its future.