On August 31, 2016, each of the members of the board of directors of Speed Commerce, Inc. provided notice of their resignations as members of the board of directors of the Company, effective immediately: Rebecca Lynn Atchison, Stephen F. Duchelle, Timothy R. Gentz, Fredrick C. Green IV, Scott A. Guilfoyle, and Bradley J. Shisler.

As previously disclosed, the Company was in default of the terms of that certain Amended and Restated Credit and Guaranty Agreement by and among the Company and Garrison Loan Agency Services LLC, as Administrative Agent and Collateral Agent, and the lenders from time to time party thereto dated as of November 21, 2014. The Company was unable to cure the defaults under the Credit Agreement, or to repay the amounts owed under the Credit Agreement and on June 8, 2016, the Lenders completed a foreclosure of all assets of the Company pursuant to Section 9-620 of the New York Uniform Commercial Code. This foreclosure left the Company without the assets necessary to meet its contractual obligations to its customers, or to resolve its remaining liabilities.