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HUGE > SEC Filings for HUGE > Form 8-K on 21-Aug-2014All Recent SEC Filings

Show all filings for MASSIVE INTERACTIVE, INC.

Form 8-K for MASSIVE INTERACTIVE, INC.


21-Aug-2014

Change in Directors or Principal Officers


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

On August 15, 2014, Mr. Ron Downey, the Chief Executive Officer of Massive Interactive, Inc. (the "Company"), was appointed by the Company's board of directors (the "Board") to serve as a member of the Board effective on August 18, 2014.

As earlier disclosed in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on May 7, 2014, the Company consummated the purchase of all outstanding shares of Wunderkind Group Pty Ltd. ("Wunderkind") pursuant to a Stock Purchase Agreement in exchange for a convertible promissory note issued by the Company. The principal amount of the promissory note is $5.5 million and it is convertible into 45% of the total shares of the Company common stock issued and outstanding on a fully diluted basis on the date of conversion. The promissory note has a term of one year and bears interest at the rate of 0.5% annually. The Stock Purchase Agreement was entered into in accordance with the terms of a binding letter of intent with Mr. Downey, as earlier disclosed in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on April 1, 2014. Mr. Downey was the majority shareholder of Wunderkind prior to the stock purchase.

Effective on August 18, 2014, Mr. Richard Bailey resigned as a director of the Company. Mr. Bailey's decision to resign did not involve any disagreement with the Company, the Company's management or the Board .


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