On May 5, 2014, the majority of the holders of the shares of Prime Acquisition Corp., resolved to remove (i) Marco Prete, (ii) Stefano Ferrari, (iii) Cristina Fragni, (iv) Mark Horan, and (v) Enrico Valdani from the board of directors of the company and appointed (i) Diana Liu, and (ii) George Kaufman to the board, effective immediately.