SPRINGBIG HOLDINGS, INC. SpringBig Holdings, Inc. (NasdaqGM:SBIG) agreed to acquire Beaches Development Limited for $ 0.27 million on January 31, 2021. The consideration paid consists of 180,972 shares of the SpringBig Holdings, Inc.'s common stock and $ 155,000 in cash, $ 23,000 of the cash price has been withheld as an indemnity holdback for a period of 12 months. SpringBig Holdings, Inc. assumed cash totaling $ 9,000.
Two of the sellers signed employment contracts with Beaches Development Group LTD, the shares allocated to them as purchase consideration totaled 113,908 with value of $ 85,000 and are unvested at acquisition date, these will be vested over a two-year period, with 50% in year 1 and the remaining 50% in year 2.
