Executed an Efficient Out-of-Court Sale for a Publicly Traded Omnichannel Marketing Technology Platform
Portage Point delivered interim management and financial advisory support to Springbig to help preserve business continuity and execute a going-concern transaction
SITUATION OVERVIEW
Springbig, a publicly traded SaaS-based marketing, loyalty program and subscription provider serving regulated industries, faced covenant defaults, declining revenue and burdensome supplier contractual commitments. Customer attrition among major retail accounts reduced collections, while minimum monthly supplier payments strained cash flow. These pressures ultimately gave rise to an impending liquidity shortfall. Leadership turnover and absence of a formal cash flow forecasting process compounded these challenges. Following reconstitution of its board, Springbig retained Portage Point Partners in May 2026 to provide interim management services, stabilize operations, negotiate contracts and evaluate strategic alternatives.
PORTAGE POINT IMPACT
- Served as interim Chief Executive Officer, stabilizing management and operations while leading negotiations and communications with the newly formed board, noteholders, vendors and customers
- Built a bottom-up 13-week cash flow forecast and established a weekly cash council, helping to manage liquidity through expedited collections, disbursement controls, vendor negotiations and reductions-in-force
- Negotiated a preliminary noteholder forbearance and evaluated strategic alternatives to support an out-of-court transaction under Section 272(b)(2) of the Delaware General Corporation Law (DGCL)
Portage Point’s integrated approach combined hands-on interim leadership, forward-looking liquidity management and coordinated operational improvement to preserve Springbig’s business while simultaneously pursuing a value-maximizing transaction.
POSITIVE OUTCOME
With Portage Point’s guidance, Springbig completed a going-concern transfer of its operating business in nine weeks. The transfer of substantially all company assets to its noteholders under DGCL Section 272(b)(2) avoided the need for a stockholder vote and more costly strategic alternatives. Throughout the process, Portage Point’s active cash management and diligent stakeholder coordination preserved business continuity for both customers and key vendors.
