UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
May 20, 2016
Date of Report (Date of earliest event reported)
SPEED COMMERCE, INC.
(Exact name of registrant as specified in its charter)
Minnesota | | 000-22982 | | 41-1704319 |
(State of Incorporation) | | (Commission File Number) | | (IRS Employer Identification Number) |
| | | |
| | | 1303 E. Arapaho Road, Suite 200 Richardson, TX 75081 | | |
| | | (Address of principal executive offices) (Zip Code) | | |
(866) 377-3331
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
TABLE OF CONTENTS
Item 7.01 Regulation FD Disclosure
SIGNATURES
Item 7.01 Regulation FD Disclosure
As previously, disclosed, on May 5, 2016, Speed Commerce, Inc., together with certain of its subsidiaries (collectively, the “Company”), each received from Garrison Loan Agency Services LLC (“Secured Party”) a Notification of Proposal to Accept Collateral in Full Satisfaction (the “Foreclosure Notices”). The Foreclosure Notices state that Secured Party intends to foreclose on all assets of the Company (the “Collateral”) pursuant to Section 9-620 of the New York Uniform Commercial Code.
On May 20, 2016, the Company received from Secured Party an update to the Foreclosure Notices indicating that, absent the Company objecting to the proposal contained in the Foreclosure Notices on, or prior to, May 25, 2016, Secured Party will accept and retain the Collateral on May 31, 2016 (the “Foreclosure Date”). The Company has no defense to Secured Party’s taking of the Collateral and, accordingly, it does not anticipate that it will object to the Foreclosure Notices.
Secured Party has indicated to the Company that, following the Foreclosure Date, it intends to continue the operation of the Company’s business utilizing the Collateral. Following the Foreclosure Date, the Company anticipates that (i) Secured Party will employ substantially all of the Company’s employees, and (ii) the Company will engage in a process of attempting to resolve and wind-down its outstanding obligations.
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve expectations, projections, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “anticipate,” “intend,” “continue,” “will,” or “may” or other comparable terms and phrases. Forward-looking statements are subject to risks and uncertainties that could cause actual results and actions to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include a variety of factors, many of which are beyond the Company’s control, many of these factors are described from time to time in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements provide the Company’s current expectations or predictions of future conditions, events, or results speak only as of the date that such statements are made, and the Company can give no assurance that these expectations and assumptions will prove to have been correct and actual results and actions may vary materially from these statements. The Company disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 23, 2016 | SPEED COMMERCE, INC. | |
| | | |
| By: | /s/ Dalton Edgecomb | |
| Name: | Dalton Edgecomb | |
| Title: | Interim Chief Executive Officer | |
