SIMPLY, INC. : Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, Change in Directors or Principal Officers (form 8-K)

Item 1.03 Bankruptcy or Receivership.

On June 14, 2022, Simply, Inc. (the "Company") announced that it commenced bankruptcy proceedings (the "Chapter 7 Case") by filing a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. (the "Bankruptcy Code"). The Chapter 7 Case was filed in the United States Bankruptcy Court for the District of Utah, Case No. 22-22242-KRA (the "Bankruptcy Filing"). As a result of the Bankruptcy Filing, George Hofmann has been appointed as interim Chapter 7 trustee (the "Chapter 7 Trustee"), and the assets of the Company will be liquidated in accordance with the Bankruptcy Code.

The Company's wholly-owned subsidiary Simply Mac, Inc. ("Simply Mac") separately commenced bankruptcy proceedings by filing a voluntary petition for relief under the provisions of Chapter 7 of the Bankruptcy Code. Simply Mac's Chapter 7 filing was filed in the United States Bankruptcy Court for the District of Utah, Case No. 22-22239-KRA. As a result of this filing, George Hofmann has been appointed as interim Chapter 7 trustee, and the assets of Simply Mac will be liquidated in accordance with the Code.

Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial

           Obligation or Obligation under an Off-Balance Sheet Arrangement.

The Bankruptcy Filing triggers Events of Default under all of the Company's outstanding debt obligations.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

With the appointment of the Chapter 7 Trustee and concurrent with the Bankruptcy Filing, on June 14, 2022, the employment of Reinier Voigt, President, Chief Executive Officer and Director, and of Vernon A. LoForti, Senior Vice President, Chief Financial Officer and Corporate Secretary, were terminated. As a result, the Company no longer has any current officers.

Also, with the appointment of the Chapter 7 Trustee and concurrent with the Bankruptcy Filing, on June 14, 2022, directors Reinier Voigt, Kevin Taylor, and Michael Galloro resigned as members of the Company's Board of Directors. The Company has no current members of the Board of Directors.

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