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January 18, 2013
16:07 EDTSABASaba Software announces receipt of Nasdaq letter of non-compliance
Saba announced that on January 14, it received from the Listing Qualifications Department of The NASDAQ Stock Market LLC notification of Saba's continued noncompliance with NASDAQ Listing Rule 5250(c)(1) due to Saba's delay in filing its Form 10-Q for the second quarter ended November 30, 2012. As previously reported, on December 21, 2012, Saba received from the NASDAQ Hearings Panel a decision granting Saba's request for continued listing on The NASDAQ Stock Market until April 4, 2013. It is a condition to Saba's continued listing that Saba regain compliance with all applicable requirements for continued listing on The NASDAQ Stock Market on or prior to April 4, including completion of the previously announced restatement of its historical financial statements and filing with the SEC of all outstanding annual and periodic reports. In response to the letter from NASDAQ, Saba will supply additional information to NASDAQ regarding the company's ongoing progress with the restatement and its plan of compliance.
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