On February 2, 2016, MM Asset Management Inc. announced that it has sent a letter to Cybergy Holdings, Inc., requesting that 3 members of the board of directors resign and to fill the vacancies with its nominees or in the alternative that the Company call an annual meeting and nominate 3 persons for election to the Company's board of directors. In addition, MM Asset Management stated that it intend to engage in discussions with the Company's management and board of directors regarding the nomination of directors for the annual meeting, the composition of the board of directors generally, and the strategic direction of the Company.