Springbig announces changes in its board of directors following the completion of its $8.0 million debt financing with a syndicate of lenders
30 January 2024 - 8:30AM
SpringBig Holdings, Inc. (“Springbig,” “we,” “our” or the
“Company”) (OTCQX: SBIG), a leading provider of vertical SaaS-based
marketing solutions, consumer mobile app experiences, and
omnichannel loyalty programs, today announced changes in its board
of directors following completion on January 23, 2024, of its $8.0
million debt financing with a syndicate of lenders.
The Company announced that Matt Sacks,
Co-Managing Partner of Lightbank, and Shawn Dym, a co-lead investor
in the debt financing through Shalcor Management Inc., have both
joined the board of directors.
Matt Sacks brings extensive experience investing
in technology businesses from his role as Co-Managing Partner of
Lightbank, and previously as a Principal at New Enterprise
Associates. Matt is also the Founder and Executive Chairman of
Luminary Media, a podcasting company he founded in 2018. He started
his career as a member of the Technology, Media and Telecom
investment banking team at Goldman Sachs.
Shawn Dym is Chairman of Decibel Cannabis
Company, a leading Canadian cannabis company which is listed on the
TSX Venture Exchange. Shawn is an early investor and strategic
thought leader in the North American cannabis industry and
co-founded and serves as an advisor on the board of Green Acre
Capital, Canada’s largest cannabis private investment fund. He
oversees investments in Shalcor Management, Inc., working with
Optus Capital Corporation, the family office of Mark Silver.
“We are both honored and delighted that Matt and
Shawn have agreed to join our board of directors and look forward
to the Company benefiting from the vast experience that they both
offer,” said Jeffrey Harris, Chairman and CEO of the Company.
The Company also announced that Phil Schwarz and
Jon Trauben have resigned from the board of directors with effect
from January 23, 2024. Jeffrey Harris said, “Phil and Jon have been
highly valuable board members since the early stage of Springbig,
and both were members of the board prior to the Company becoming
publicly listed in 2022. We have benefited greatly from their
advice, wisdom, and business acumen over the years. Their
contribution and friendship will long be remembered.”
The board of directors now comprises Sergey
Sherman, Matt Sacks and Shawn Dym along with Jeffrey Harris,
Chairman and CEO. Shawn Dym will replace Jon Trauben as Chair of
the Audit Committee.
About Springbig
Springbig is a market-leading vertical software
platform providing customer loyalty and marketing automation
solutions to retailers and brands in the U.S. and Canada.
Springbig’s platform connects consumers with retailers and brands,
primarily through SMS marketing, as well as emails, customer
feedback systems, and loyalty programs, to support retailers’ and
brands’ customer engagement and retention. Springbig offers
marketing automation solutions that provide for consistency of
customer communication, thereby driving customer retention and
retail foot traffic. Additionally, Springbig’s reporting and
analytics offerings deliver valuable insights that clients utilize
to better understand their customer bases, purchasing habits and
trends. For more information, visit https://springbig.com/.
Forward Looking Statements
Certain statements contained in this press
release constitute “forward-looking statements” within the meaning
of the “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“outlook,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would,” and similar expressions
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other
statements about future events and financial results that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events and financial results to differ materially from the
forward-looking statements in this press release, including but not
limited to the fact that we have a relatively short operating
history in a rapidly evolving industry, which makes it difficult to
evaluate our future prospects and may increase the risk that we
will not be successful; that if we do not successfully develop and
deploy new software, platform features or services to address the
needs of our clients, if we fail to retain our existing clients or
acquire new clients, and/or if we fail to expand effectively into
new markets, our revenue may decrease and our business may be
harmed; and the other risks and uncertainties described under “Risk
Factors” in the Company’s Quarterly Reports on Form 10-Q for the
quarters ended September 30, 2023 and June 30, 2023 filed with the
Securities and Exchange Commission (the “SEC”) on November 13, 2023
and August 10, 2023 respectively, the Company’s Annual Report on
Form 10-K for the year ended December 31, 2022 filed with the SEC
on March 28, 2023 and in the other documents we file from time to
time with the SEC. These forward-looking statements involve a
number of risks and uncertainties (some of which are beyond the
control of Springbig), and other assumptions, which may cause the
actual results or performance to be materially different from those
expressed or implied by these forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation and does not
intend to update or revise these forward-looking statements other
than as required by applicable law. The Company does not give any
assurance that it will achieve its expectations.
Investor Relations Contact |
Media
Contact |
Claire Bollettieri |
Paul Cohen |
VP of Investor Relations |
paul@milkandhoneypr.com |
ir@springbig.com |
|
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