Saba Receives Positive NASDAQ Panel Decision
Saba (NASDAQ: SABA), the premier provider of people-centric enterprise solutions, today announced that, on December 21, 2012, it 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 the Company's continued listing that the Company regain compliance with all applicable requirements for continued listing on The NASDAQ Stock Market on or prior to April 4, 2013, including completion of the previously announced restatement of its historical financial statements and filing with the SEC of all outstanding annual and periodic reports. The Company expects that it will be able to satisfy the April 4, 2013 NASDAQ deadline.
The Company also announced that it has entered into a letter agreement with Wells Fargo Bank, National Association ("Wells Fargo") dated as of December 21, 2012 pursuant to which Wells Fargo extended to January 31, 2013 the time for the Company to comply with certain terms of the Credit Agreement between parties dated as of June 27, 2011, primarily relating to the delayed SEC filings and the pending restatement of the Company's prior financial results.
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