Saba (SABA: Quote) announced that on April 11, 2012, it received from the Listing Qualifications Department of The Nasdaq Stock Market LLC notification of Saba's noncompliance with Nasdaq Listing Rule due to Saba's previously announced delay in filing its Form 10-Q for the period ended February 29, 2012.
The Nasdaq notification letter sets forth that the Company has 60 days to submit a plan to regain compliance. The company said it anticipates that it will file its Form 10-Q within the 60-day period and that it will fully regain compliance with the Nasdaq continued listing requirements upon such filing of its Form 10-Q.
In the event the Company is unable to file its Form 10-Q before the end of such 60-day period, the Company is required to submit to Nasdaq a plan to regain compliance with Nasdaq's continued listing requirements no later than June 11, 2012. If Nasdaq accepts the plan submitted by the Company, Nasdaq can grant an exception to regain compliance up to October 8, 2012, Saba said.
If Nasdaq does not accept the Company's plan, Nasdaq will provide notice that the Company's common stock will be subject to delisting.
by RTT Staff Writer
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