Hi,
Did you run the script?
Please make sure that you have updated the theme properly, first make a backup of your current theme installation, then remove the old theme(it should not remain old theme files) and upload the new theme version (you can try to do this via FTP), follow the documentation – https://forum.tagdiv.com/how-to-update-the-theme-2/ run the script and regenerate your thumbnails. Also update the theme plugins from the /plugins folder.
It seems to be an issue with Theme Panel(it will be fixed as soon as possible), so if you have Theme Panel grey/disabled please follow this solution – https://forum.tagdiv.com/topic/not-able-to-set-up-anything/
Also you can find the old theme version in old_version folder from package that you have downloaded from themeforest – http://screencast.com/t/C7W1dtMv6fEh
Hope this helps and sorry for inconvenience!