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<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA6 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">CURRENT REPORT</FONT></P>
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<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
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<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported): April 16, 2015</FONT></P>
<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA14 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA16 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SPEED COMMERCE, INC.</B></FONT></P>
<P id=PARA17 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of Registrant as specified in its charter)</FONT></P>
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<P id=PARA113 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><B><U>Minnesota</U></B><B>&nbsp;</B></P></TD>
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<P id=PARA114 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"><B><U>000-22982</U></B><B>&nbsp;&nbsp;&nbsp;</B></P></TD>
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<P id=PARA115 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt"></B><B><U>41-1704319</U></B></P></TD></TR>
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<TD style="WIDTH: 33%; TEXT-ALIGN: center">(State or other jurisdiction</TD>
<TD style="WIDTH: 33%; TEXT-ALIGN: center">(Commission</TD>
<TD style="WIDTH: 33%; TEXT-ALIGN: center">(I.R.S. Employer</TD></TR>
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<TD style="WIDTH: 33%; TEXT-ALIGN: center">of incorporation)</TD>
<TD style="WIDTH: 33%; TEXT-ALIGN: center">File Number)</TD>
<TD style="WIDTH: 33%; TEXT-ALIGN: center">Identification No.)</TD></TR></TABLE>
<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P id=PARA24 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 216pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -216pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>1303 E. Arapaho Road, Suite 200</B></FONT></P>
<P id=PARA25 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 216pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -216pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Richardson, TX 75081</B><B>&nbsp;</B></FONT></P>
<P id=PARA26 style="TEXT-ALIGN: center; MARGIN: 0pt 0pt 0pt 61.5%; LINE-HEIGHT: 1.25; TEXT-INDENT: -288pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices)</FONT></P>
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<P id=PARA28 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#8217;s telephone number, including area code:<B> (763) 535-8333</B></FONT></P>
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<P id=PARA33 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last report.)</FONT></P>
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<P id=PARA36 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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:</FONT></P>
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<P id=PARA59 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B><U>TABLE OF CONTENTS</U></B></FONT></P>
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<P id=PARA61 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Item&nbsp;1.01. Entry into a Material Definitive Agreement.</FONT></P>
<P id=PARA62 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits.</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SIGNATURES</FONT></P>
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<P id=PARA67 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA68 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item&nbsp;</B><B>1.01 Entry Into a Material Definitive Agreement.</B></FONT></P>
<P id=PARA70 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;</B></FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On April 16, 2015, Speed Commerce, Inc., together with certain of its subsidiaries (collectively, the &#8220;Company&#8221;), entered into an Amendment No. 1 to Asset Purchase Agreement (the &#8220;Amendment to Purchase Agreement&#8221;) with Sigma Holdings, LLC, together with certain of its subsidiaries, affiliates and shareholders (collectively, the &#8220;Sellers&#8221;). The Amendment to Purchase Agreement amended the Asset Purchase Agreement entered into by and among the Company and Sellers attached as Exhibit 2.1 to that certain current report on Form 8-K filed by the Company on November 26, 2014 (the &#8220;Purchase Agreement&#8221;). </FONT></P>
<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA73 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the Amendment to Purchase Agreement, the Purchase Agreement was amended as follows: (i) common shares in the Company issuable to Sellers as a contingent earn-out payment were increased from a maximum of 7 million shares to 8.4 million shares (the &#8220;Earn-Out Shares&#8221;); (ii) the Earn-Out Shares, which are not presently reserved for issuance, are to be issued by the Company on or before October 31, 2015; (iii) if the Company does not issue the Earn-Out Shares prior to November 1, 2015, certain of the restrictive covenants in the Asset Purchase Agreement shall automatically terminate; (iv) $2.9 million of purchase price that is currently held in escrow will be released to Sellers within three days of the effective date of the Amendment to Purchase Agreement; (v) the remaining amount held in escrow, less the amount of any indemnity claims asserted, will be released to Sellers on November 21, 2015; (vi) the expiration date of Sellers indemnification obligations for a breach of representations and warranties, other than fundamental representations and warranties, is November 21, 2015; and (vii) the liability cap with respect to Sellers indemnification obligations for a breach of representations and warranties, other than fundamental representations and warranties, is $3.5 million.</FONT></P>
<P id=PARA74 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The foregoing description of the Amendment to Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Amendment to Purchase Agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein. </FONT></P>
<P id=PARA76 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On April 16, 2015, the Company entered into a Consent and First Amendment to Amended and Restated Credit and Guaranty Agreement with various lenders (the &#8220;Lenders&#8221;) and Garrison Loan Agency Services, LLC acting as agent (the &#8220;Amendment to Credit Agreement&#8221;). The Amendment to Credit Agreement amended the Asset Purchase Agreement entered into by and among the Company and the Lenders attached as Exhibit 10.1 to that certain current report on Form 8-K filed by the Company on November 26, 2014 (the &#8220;Credit Agreement&#8221;).</FONT></P>
<P id=PARA78 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the Amendment to Credit Agreement, the Company is permitted to retain the full amount of proceeds received in connection with an offering of the Company&#8217;s common shares and warrants in the amount of $7.3 million announced April 16, 2015. Pursuant to the Amendment to Credit Agreement, the Company agreed to make a payment of $1.25 million in principle amortization to the Lenders by not later than April 21, 2015, in full replacement of two payments of $625,000 in principle amortization otherwise due to Lenders on June 30, 2015, and September 30, 2015. </FONT></P>
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<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The discussion herein regarding the Amendment to Credit Agreement is qualified in its entirety by reference to the Amendment to Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference. </FONT></P>
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<P id=PARA83 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 9.01&nbsp;&nbsp;Financial Statements and Exhibits</B>.</FONT></P>
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<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(c)&nbsp;Exhibits. The following exhibits are filed with this document: </FONT></P>
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<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exhibit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P id=PARA88 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Amendment to Purchase Agreement</FONT></P>
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<P id=PARA90 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">10.1&nbsp;&nbsp;&nbsp;Form of Amendment to Credit Agreement </FONT></P>
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<P id=PARA94 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
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<P id=PARA96 style="TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">, thereunto duly authorized.</FONT></P>
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<P id=PARA118 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">SPEED COMMERCE, INC.</P></TD></TR>
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<TD>Dated: April 16, 2015</TD>
<TD><U>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ </U><U>Ryan F. Urness</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
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<TD>&nbsp;</TD>
<TD>&nbsp; Name: Ryan F. Urness</TD></TR>
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<P id=PARA122 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp; Title: General Counsel and Secretary</P></TD></TR></TABLE>
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spdc20150416b_8k.htm
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
Date of Report (Date of earliest event reported): April 16, 2015
SPEED COMMERCE, INC.
(Exact name of Registrant as specified in its charter)
Minnesota
000-22982
41-1704319
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
1303 E. Arapaho Road, Suite 200
Richardson, TX 75081
(Address of principal executive offices)
Registrant's telephone number, including area code:
(763) 535-8333
Not Applicable
(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 1.01. Entry into a Material Definitive Agreement.
Item 9.01  Financial Statements and Exhibits.
SIGNATURES
Item
1.01 Entry Into a Material Definitive Agreement.
On April 16, 2015, Speed Commerce, Inc., together with certain of its subsidiaries (collectively, the "Company"), entered into an Amendment No. 1 to Asset Purchase Agreement (the "Amendment to Purchase Agreement") with Sigma Holdings, LLC, together with certain of its subsidiaries, affiliates and shareholders (collectively, the "Sellers"). The Amendment to Purchase Agreement amended the Asset Purchase Agreement entered into by and among the Company and Sellers attached as Exhibit 2.1 to that certain current report on Form 8-K filed by the Company on November 26, 2014 (the "Purchase Agreement").
Pursuant to the Amendment to Purchase Agreement, the Purchase Agreement was amended as follows: (i) common shares in the Company issuable to Sellers as a contingent earn-out payment were increased from a maximum of 7 million shares to 8.4 million shares (the "Earn-Out Shares"); (ii) the Earn-Out Shares, which are not presently reserved for issuance, are to be issued by the Company on or before October 31, 2015; (iii) if the Company does not issue the Earn-Out Shares prior to November 1, 2015, certain of the restrictive covenants in the Asset Purchase Agreement shall automatically terminate; (iv) $2.9 million of purchase price that is currently held in escrow will be released to Sellers within three days of the effective date of the Amendment to Purchase Agreement; (v) the remaining amount held in escrow, less the amount of any indemnity claims asserted, will be released to Sellers on November 21, 2015; (vi) the expiration date of Sellers indemnification obligations for a breach of representations and warranties, other than fundamental representations and warranties, is November 21, 2015; and (vii) the liability cap with respect to Sellers indemnification obligations for a breach of representations and warranties, other than fundamental representations and warranties, is $3.5 million.
The foregoing description of the Amendment to Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Amendment to Purchase Agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein.
On April 16, 2015, the Company entered into a Consent and First Amendment to Amended and Restated Credit and Guaranty Agreement with various lenders (the "Lenders") and Garrison Loan Agency Services, LLC acting as agent (the "Amendment to Credit Agreement"). The Amendment to Credit Agreement amended the Asset Purchase Agreement entered into by and among the Company and the Lenders attached as Exhibit 10.1 to that certain current report on Form 8-K filed by the Company on November 26, 2014 (the "Credit Agreement").
Pursuant to the Amendment to Credit Agreement, the Company is permitted to retain the full amount of proceeds received in connection with an offering of the Company's common shares and warrants in the amount of $7.3 million announced April 16, 2015. Pursuant to the Amendment to Credit Agreement, the Company agreed to make a payment of $1.25 million in principle amortization to the Lenders by not later than April 21, 2015, in full replacement of two payments of $625,000 in principle amortization otherwise due to Lenders on June 30, 2015, and September 30, 2015.
The discussion herein regarding the Amendment to Credit Agreement is qualified in its entirety by reference to the Amendment to Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference.
Item 9.01  Financial Statements and Exhibits
.
(c) Exhibits. The following exhibits are filed with this document:
Exhibit
2.1     Form of Amendment to Purchase Agreement
10.1   Form of Amendment to Credit Agreement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
, thereunto duly authorized.
SPEED COMMERCE, INC.
Dated: April 16, 2015
By:     /s/
Ryan F. Urness
Name: Ryan F. Urness
Title: General Counsel and Secretary