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Saba Capital Inc & Opps (NYSE:SABA) Stock, Option Chain

Saba Capital Income & Opportunities Fund II is a closed-end fund. The company seeks high current income, with a secondary goal of capital appreciation. The fund invests in fixed income markets across the globe.

SABA

Why Saba Software (SABA) Stock Might be a Great Pick

Saba Software (SABA): An Off-the-Radar Potential Winner

Analyst Color

Downgrades

Analyst Ratings

UPDATE: B. Riley &amp; Co. Downgrades Saba Software, Inc. Awaiting Financial Statements

Saba Capital Income & Opportunities Fund II Shares of Beneficial Interest

Saba Capital Income & Opportunities Fund II

Saba Capital Income & Opportunities Fund SBI

Saba Capital Income & Opportunities Fund

Saba Closed-End Funds ETF

Sabana Industrial REIT

Saba Capital Income &amp; Opportunities Fund II (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SABA#NYSE">SABA</a>) (the "Fund"), a registered closed-end management investment company listed on the New York Stock Exchange, today announced that its Board of Trustees has renewed its share repurchase authorization for the Fund to repurchase up to 10% of its total common shares for the fiscal year ending October 31, 2025.
The share repurchase program is intended to increase the Fund's net asset value ("NAV") to the benefit of all shareholders and help create further value for shareholders by reducing the Fund's discount to NAV.
The Fund may repurchase shares through open market transactions, at the discretion of the Fund's investment adviser. In exercising its discretion consistent with its portfolio management responsibilities, the investment adviser will take into account various factors, including, but not limited to, timing, the quantity of repurchases, the level of the discount, the Fund's performance, portfolio holdings, dividend history and objectives, market conditions, cash on hand, the availability of other attractive investments, and whether the sale of certain portfolio securities would be undesirable because of liquidity concerns or because the sale might subject the Fund to adverse tax consequences. Any repurchases would be made on a national securities exchange at the prevailing market price, subject to exchange requirements, federal securities laws and rules that restrict repurchases.
There is no assurance that the market price of the Fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that the program will enhance shareholder value. Investment return and principal value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. Investors should consider the investment objective, risks and expenses carefully. You can obtain the Fund's most recent periodic reports and filings by visiting <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sec.gov%2Fedgar%2Fbrowse%2F%3FCIK%3D828803%26owner%3Dexclude&amp;esheet=54125321&amp;newsitemid=20240920050661&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.sec.gov%2Fedgar%2Fbrowse%2F%3FCIK%3D828803%26amp%3Bowner%3Dexclude&amp;index=1&amp;md5=6ea55a096c339655a4603de599e135e0">https://www.sec.gov/edgar/browse/?CIK=828803&amp;owner=exclude</a>.

News

Buybacks

Reported Friday, Saba Capital Fund II Announces 10% Share Buyback Plan, Targets NAV Improvement

Stock Split

Saba Capital Income & Opportunities Fund II Approves 1-For-2 Reverse Stock Split

Saba Capital Income & Opportunities Fund II Approved Market Repurchase Program; Authorized To Purchase Up To 10% Of Common Shares Each Fiscal Year

8-K: Saba Software Suspends Equity Grants To Employees

Northland Securities downgrades Saba Software (OTCMKTS: SABA) from Outperform to Market Perform and lowers the price target from $16.00 to $9.00.

Northland Securities Downgrades Saba Software to Market Perform, Lowers PT to $9.00

Price Target

Saba Software Downgraded From Buy to Neutral at B Riley, PT Lowered From $12.75 to $9

In a report published Monday, B. Riley &amp; Co. analyst Kevin Liu downgraded the rating on Saba Software, Inc. (OTC: <a class="ticker" href="/stock/saba#OTC">SABA</a>) from Buy to Neutral, but reiterated the $14.00 price target.
In the report, B. Riley &amp; Co. noted, “With shares of SABA trading above our price target, we are downgrading the stock from a Buy rating to Neutral. We continue to believe an acquisition of the company, which we acknowledge could garner a healthy premium to our price target, is the likely endgame. Even so, such a scenario is unlikely to transpire before SABA regains compliance with the SEC and puts its longstanding accounting restatement in the rearview mirror.
"We expect the company to indicate the restatement effort remains on track to be completed by calendar year end during its business update call scheduled on September 30. In the meantime, we note that the business metrics provided in recent quarters have shifted somewhat, focusing more so on new cloud bookings growth and away from total cloud bookings. Although helpful in gauging new business momentum, the limited disclosure into overall cloud bookings leaves us even less certain as to the present run rate of recurring revenues, and hence, less willing to apply a higher multiple to our forecasts. We also hesitate to project out yet another year to help justify a higher valuation given the speculative nature of our model to this point. In short, we think it is simply more prudent to stand pat and await the release of SABA's financial statements.”
Saba Software, Inc. closed on Friday at $14.08.

UPDATE: B. Riley & Co. Downgrades Saba Software, Inc. Awaiting Financial Statements

Saba Reports SAAS Bookings Growth 24% YoY, Sees Regaining SEC Compliance in Q4

When THQ (OTC Pink: <a class="ticker" href="/stock/thqiq#OTC%20Pink">THQIQ</a>) filed for bankruptcy and <a href="http://www.benzinga.com/news/12/12/3187661/thq-files-for-bankruptcy-sells-assets-to-clearlake-capital-group">sold off</a> all of its assets, investors knew it was the end. Though many had already <a href="http://www.benzinga.com/news/12/12/3139989/thq-drops-another-5-as-the-humble-bundle-tops-3-3-million">abandoned the stock</a>, there was always hope that the firm could make a comeback.

	That did not happen, but THQ's demise started long before it was delisted. By relying on perennial wrestling games and licensed software (such as SpongeBob and Cars), it became very difficult for the company to take risks. When THQ finally took a risk and decided to launch an original shooter (one that was supposed to start a new franchise), it failed.

	Thus, it wasn't the act of being delisted that told investors that THQ was sinking faster than the Titanic -- they already knew.

	On the other hand, there have been a few success stories to come out of the delisting process. General Growth Properties (NYSE: <a class="ticker" href="/stock/ggp#NYSE">GGP</a>) famously filed for bankruptcy, was kicked out of the New York Stock Exchange and was thought to be a lost cause.

	The company rebounded, however, and is now back on NYSE. Shares are up more than three percent year-to-date -- not bad for a firm that was once on the brink of extinction.

	While General Growth Properties represents the best-case scenario, the delisting process is not as bad as it sounds.

	"It's usually immediate and seamless," Cromwell Coulson, CEO of OTC Markets group (OTCQX: OTCM), told Benzinga. "The only time it wouldn't be is if something has been suspended for a week or longer on the exchanges. Then sometimes it takes time. For the most part brokers are going to immediately trade something if there's no suspension. The trading in our marketplaces reflects demand of brokers' customers. Our marketplace is very driven by investor demand and the regulatory obligation of broker-dealers to get the best price for investors. So if something has buyers and sellers and it's legal to trade, it will trade."

	Coulson said that there are banks that willingly leave Nasdaq for OTC to avoid having to meet the additional requirements of being on a big exchange.

	"They just want to do their financial disclosures for their bank regulators rather than the SEC because meeting two disclosure standards adds a layer of cost and complexity to their operations," Coulson explained.

	"Those companies, as long as management has the intention of providing good information to investors, those stocks can usually trade comparably. Now if a company gets delisted from an exchange because of financial distress, business reporting problems, that's a different story."

	Several companies, including Asure Software (NASDAQ: <a class="ticker" href="/stock/asur#NASDAQ">ASUR</a>), China Jo-Jo Drugstore (NASDAQ: <a class="ticker" href="/stock/cjjd#NASDAQ">CJJD</a>), Majesco (NASDAQ: <a class="ticker" href="/stock/cool#NASDAQ">COOL</a>) and Veeco Instruments (NASDAQ: <a class="ticker" href="/stock/veco#NASDAQ">VECO</a>), may soon move to OTC for various reasons.

	Urologix (OTCQB: <a class="ticker" href="/stock/ulgx#OTC">ULGX</a>), Nautilus Marine Acquisition (OTCQB: <a class="ticker" href="/stock/nmar#OTC">NMAR</a>), Telestone Technologies (OTC: <a class="ticker" href="/stock/tstc#OTC">TSTC</a>) and Saba Software (OTC Pink: <a class="ticker" href="/stock/saba#OTC%20Pink">SABA</a>) have already made the switch.

	Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at 248-636-1322 or louis(at)benzingapro(dot)com. Follow him <a href="http://twitter.com/LouisBedigianBZ">@LouisBedigianBZ</a>

Long Ideas

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Success Stories

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ASUR

CJJD

COOL

NMAR

THQIQ

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ULGX

VECO

Can Companies Recover from a Nasdaq or NYSE Delisting?

Saba Software Names Mark Robinson as CFO

Hedge Funds

General

13D from Emancipation Capital on Saba Shows 6.5% Stake, Emancipation Seeking Talks with Saba Mgmt, May Seek Talks with Other Holders

The U.S. stock market showed more resilience on Monday as the major averages climbed from negative to positive territory in afternoon trade and closed near the highs of the day.

	In the currency markets, the Japanese yen continued to plummet versus the greenback on bond buying from the Bank of Japan.

	After the closing bell, Alcoa (NYSE: <a class="ticker" href="/stock/aa#NYSE">AA</a>) kicked off earnings season by reporting Q1 EPS of $0.11 versus the estimated $0.10, beating by $0.01. EPS were Up 10% from the same quarter last year. Revenue came in at $5.83B versus the estimated $5.89B. Sales were Down 3% year over year.

	Major Averages

	The Dow Jones Industrial Average added around 48 points, or 0.33 percent, to close at 14,613.

	The S&amp;P 500 climbed almost 10 points, or 0.63 percent, to finish at 1,563.

	The Nasdaq rose a little better than 18 points, or 0.57 percent, to 3,222.

	Commodities

	Oil prices rose to begin the trading week on Monday. During the final hour of equity trading, NYMEX crude futures were up 0.79 percent to $93.38 while Brent crude had added 0.62 percent to $104.75. Natural gas futures were last down around 1 percent to $4.09 on the session.

	Precious metals were slightly lower on the day. At last check, COMEX gold futures had shed 0.21 percent to $1,573.00. Silver futures were last down 0.18 percent to $27.18. Copper futures rose almost 1 percent on Monday.

	Grain prices rose across the board on the day. Corn futures were last up 0.72 percent while wheat traded almost 2 percent higher on the session. In soft commodities, significant movers included cocoa, which climbed around 2.50 percent, and coffee, which lost around 3 percent.

	Bonds

	Bonds fell on the day after a big rally on Friday. Near the closing bell, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE: <a class="ticker" href="/stock/tlt#NYSE">TLT</a>) was up around 0.77 percent to $121.90. Lower prices pushed yields higher on Monday.

	The yield on the 2-Year Note was unchanged at 0.23 percent, while the yield on the 5-Year Note rose one basis point to 0.70 percent. The 10-Year Note and 30-Year Bond yields each rose three basis points to 1.74 percent and 2.91 percent, respectively.

	Currencies

	The U.S. dollar rose on Monday. Near the close of equities, the PowerShares DB US Dollar Index Bullish ETF (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>), which tracks the performance of the greenback versus a basket of foreign currencies, was up 0.31 percent to $22.52.

	The closely watched EUR/USD pair was last trading down 0.06 percent to $1.3004. The big mover on the day, once again, was the USD/JPY, which surged another 1.56 percent. The Japanese yen continues to plunge versus the greenback after a huge round of quantitative easing was announced by the Bank of Japan. The ramifications of the large move in the USD/JPY is having ramifications around the world.

	Volatility and Volume

	The VIX fell on Monday as stocks surged late in the day. The widely watched barometer of market volatility fell 3.30 percent to close at 13.46.

	Volume was very light on the session with only around 72 million SPDR S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) shares trading hands compared to a 3-month daily average of 124 million.

	Stock Movers

	Shares of Lufkin Industries (NASDAQ: <a class="ticker" href="/stock/lufk#NASDAQ">LUFK</a>) surged more than 37 percent on Monday after the company agreed to be acquired by GE (NYSE: <a class="ticker" href="/stock/ge#NYSE">GE</a>) for around $3 billion.

	Shares of NII Holdings (NASDAQ: <a class="ticker" href="/stock/nihd#NASDAQ">NIHD</a>) continued to surge on Monday after the company announced the sale of its Peruvian business to Chilean telecom operator Entel for $400 million last week. The stock was last trading up around 15 percent near the closing bell.

	Icahn Enterprises (NASDAQ: <a class="ticker" href="/stock/iep#NASDAQ">IEP</a>) climbed more than 10 percent on Monday after the stock was mentioned favorably in Barron's.

	Shares of chip-maker Advanced Micro Devices (NYSE: <a class="ticker" href="/stock/amd#NYSE">AMD</a>) were trading up more than 13 percent on Monday after Microsoft said that it would use AMD chips in its next generation XBOX console.

	Saba Software (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>) fell around 10 percent on the day after the company said last week that it anticipates it will be delisted from the NASDAQ Global Select Market.

	Enphase Energy (NASDAQ: <a class="ticker" href="/stock/enph#NASDAQ">ENPH</a>) fell around 5 percent on the day, although the reason for the move in the stock was not readily apparent.

Earnings

Bonds

Broad U.S. Equity ETFs

Futures

Commodities

Currency ETFs

Forex

Global

Econ #s

Economics

Intraday Update

Markets

Movers

ETFs

ENPH

LUFK

NIHD

iShares Trust Barclays 20+ Year Treasury Bond Fund

PowerShares DB US Dollar Index Bullish Fund

Market Wrap for Monday, April 8: Stocks Rise in Afternoon Trade; Close at Session Highs

Saba Software to Begin Trading on OTC Markets Under Symbol 'SABA' on Tuesday

In a report published Friday, Benchmark Company analyst Mark W. Schappel reiterated a Buy rating and $14.00 price target on Saba Software (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>).

In the report, Schappel noted, “Last night, SABA announced that it expects to be delisted from the NASDAQ since the company is unable to meet its filing requirements with the SEC due to the ongoing accounting review. Upon delisting, SABA expects that its stock will trade on the OTC Markets Pink Sheets electronic quote system. The company held a conference call this morning, though management didn't take any questions from investors and there was little new information on the call.”

Saba Software closed on Thursday at $7.61.

Reiteration

Benchmark Company $14 PT on Saba Software on Expected Delisting

Saba (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>), the premier provider of people-centric enterprise solutions, today announced that it has determined that it will be unable to regain compliance with the Company's SEC filing requirements for continued listing of its common stock on the NASDAQ Global Select Market by the previously reported April 4, 2013 deadline set by The NASDAQ Stock Market LLC Hearings Panel (the “Panel”). As previously reported, the Company is not current in its periodic report filing requirements with the SEC as a result of the Company's pending restatement of prior financial results. 

While the Company has been working diligently to complete the restatement and regain compliance with its reporting requirements, the Company has determined that it will be unable to achieve these objectives prior to the April 4, 2013 deadline. The Company has made significant progress toward completion of the restatement, including the determination of completion dates for our consulting services arrangements. The finalization of these completion dates is needed to recognize revenue from such arrangements on contract completion, rather than on a proportional performance basis, and complete the restatement. 

The Company anticipates that the impact of the restatement on its financial statements: 

will change the time period during which the affected revenues, including a portion of the Company's cloud-based subscription services, were recognized, generally shifting the timing of such revenues to later periods; 
will not result in changes in the cumulative revenue to be recognized over the duration of the Company's contractual arrangements; and 
will not result in changes in cumulative cash flow from operations. 
The Company intends to complete the restatement and regain compliance with its filing requirements as soon as practicable. In connection with becoming current in its SEC filing requirements, the Company intends to apply for prompt readmission to the NASDAQ Global Select Market so that it can trade on that market as early as possible after regaining compliance with the listing requirements. Although the Company has set a revised objective to complete the restatement process in the next few months, there are some inherent uncertainties in the amount of time required to complete the work and there can be no assurance that the Company will be successful in meeting this timing goal. 

The Company anticipates that its shares of common stock will be delisted from the NASDAQ Global Select Market later this week. Following the suspension of trading in the Company's common stock on NASDAQ, the Company expects that its shares will trade on the OTC Markets – OTC Pink Tier while the Company works to finalize the restatement. The Company's trading symbol will remain SABA. For quotes or additional information on OTC Markets and the OTC Pink Tier, you may visit www.otcmarkets.com. 

Business Update 

The Company is not in a position to report its financial results for fiscal year 2012 ended May 31, 2012 and the third quarter of fiscal year 2013 ended February 28, 2013. However, with respect to certain metrics not expected to be impacted by the restatement, the Company is providing the following guidance: 

In the first three quarters of fiscal year 2013 (ended February 28, 2013), cloud bookings (the annual contract value of cloud arrangements) grew 23% over the respective nine-month period a year ago, while cloud billings (cloud revenue plus the change in cloud deferred revenue) remained relatively flat 
Cloud renewal rates for the first nine months of 2013 remained in excess of 90% 
Signed 146 new customers in the first nine months of fiscal year 2013, already exceeding the 141 new customers added in fiscal year 2012 
Reached over 10.6 million cloud subscribers 
Approximately $12.1 million in cash (after aggregate payments of approximately $7.6 million associated with the accounting review and restatement) and $25 million in debt at the end of the third quarter of fiscal year 2013 
Cash flow from operations, excluding costs associated with the accounting review and restructuring, was approximately breakeven for the nine months ended February 28, 2013, and is expected to be approximately breakeven for the fiscal year ending May 31, 2013 
The Company continues to innovate and introduce to the market new products and new versions of existing products. The Company's recent product innovations include: 

Saba People Cloud with major innovations around e-Commerce and Formal Learning 
Saba Enterprise Release 7 with major innovation in unifying Saba Assessment 
Saba Meeting 8 
Saba HCS Winter 2013 
Saba Enterprise Mobile (first release of app ioS) 
Saba Meeting Mobile (ios and android) 
Saba People Cloud Mobile (ios and android) 
Credit Facility Extension 

The Company also announced that it has entered into a letter agreement with Wells Fargo Bank, National Association ("Wells Fargo") dated as of March 29, 2013 pursuant to which Wells Fargo extended to April 30, 2013 the time for the Company to comply with certain terms of the Credit Agreement with Wells Fargo dated as of June 27, 2011, primarily relating to the delayed SEC filings and the pending restatement of the Company's prior financial results. 

Conference Call 

Saba will host a conference call and live webcast on Friday, April 5, 2013 commencing at 6:00 a.m. Pacific Time to discuss the status of the restatement. To join the call, please dial 1.800.230.1059 or +1.612.234.9959. The access code for the conference call is 287627. To listen to the live webcast, please go to the Investor Relations page of the Saba web site at <a href="http://investor.saba.com">http://investor.saba.com</a> and click on the Live Webcast icon. 

A replay of the conference call will be available shortly after its conclusion. The replay dial-in number is +1.800.475.6701 or +1.320.365.3844. The access code for the conference call replay is 287627. The replay can also be accessed from the Investor Relations page of the Saba web site at <a href="http://investor.saba.com">http://investor.saba.com</a> and will be available through May 5, 2013. 

About Saba 

Saba (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>) enables organizations to build a transformative workplace that leverages the advent of social networking in business and the ubiquity of mobile to empower an organization's most mission-critical assets — its people. Saba provides a set of people-centric enterprise solutions to various businesses and industries worldwide. Saba delivers cloud-based learning management, talent management, and social enterprise solutions to transform the way people work. 

Saba's premier customer base includes major global organizations and industry leaders in financial services, life sciences and healthcare, high tech, automotive and manufacturing, retail, energy and utilities, packaged goods, and public sector organizations. Headquartered in Redwood Shores, California, Saba has offices on five continents. For more information, please visit www.saba.com or call +1-877-SABA-101 or +1-650-779-2791. SABA, the Saba logo, and the marks relating to Saba products and services referenced herein are either trademarks or registered trademarks of Saba Software, Inc. or its affiliates. All other trademarks are the property of their respective owners. 

Safe Harbor 

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, the Company's current progress and timing objectives regarding completion of its accounting restatement and becoming current in its required filings with the SEC, the Company's objective to obtain prompt readmission to the NASDAQ Global Select Market and to have its shares of common stock trade on that market following completion of the restatement and compliance with applicable listing requirements, the potential impact of the restatement on the Company's financial performance and financial statements, the Company's guidance concerning preliminary financial results and other financial and operating metrics for the first nine months of fiscal 2013 as well as for the fiscal 2013 year ending May 31, 2013. The actual outcome of these matters could differ materially from those expressed in any forward-looking statements due to, among other things, the Company's ability to complete the work required for the restatement of its financial statements in a timely manner, any additional required adjustments to the Company's financial statements and/or other factors arising in the restatement process that are not currently known or identified or where the scope of work required or impact of the restatement may be greater than what is currently known or anticipated by the Company, the possibility that the restatement or matters related to the restatement may give rise to shareholder litigation or legal proceedings that are adverse to the Company and the impact of the restatement on the Company's sales, operations and financial performance. In addition, Saba faces risks and uncertainties that could affect timing of the completion of its restatement and becoming current with respect to its delayed filings with the SEC including material weaknesses that exist with respect to its internal controls over financial reporting or additional deficiencies in its internal controls over financial reporting that may be identified. Readers should refer to the section entitled "Risk Factors" in the Form 10-K for the fiscal year ended May 31, 2011, and similar disclosures in subsequent reports filed with the SEC. The forward-looking statements and risks stated in this press release are based on information available to Saba today. Saba assumes no obligation to update them.

Legal

Saba Announces Anticipated Delisting from NASDAQ Global Select Market 

Saba Software Says CEO Yazdani to Step Down, Farshchi Named Interim CEO, Russell Named Non-Exec Chairman

Saba (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>), 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.

Saba Receives Positive NASDAQ Panel Decision  

Saba 
 (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>) 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.
 <a href="http://www.benzinga.com/pressreleases/12/12/b3199271/saba-receives-positive-nasdaq-panel-decision">See full press release</a>

Guidance

Contracts

Saba Granted Continued Listing on NASDAQ Until April 4, 2013

Saba (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>), the premier provider of people-centric enterprise solutions, today announced the appointment of Michael Shahbazian as Interim Chief Financial Officer, effective December 5, 2012. Mr. Shahbazian will assume responsibility for global finance reporting to Saba's Founder and CEO, Bobby Yazdani. 

“Michael has over 30 years of experience working with high technology companies, including CFO roles in numerous public and private companies,” said Bobby Yazdani. “His expertise in successfully managing restatements and the accompanying SEC filings will be of tremendous benefit to Saba.” 

Mr. Shahbazian joins Saba from PDF Solutions where he served as the Company's Interim CFO and Vice President of Finance from March 2012 to May 2012 and from June 2011 through December 2011. Prior to that, Mr. Shahbazian served as chief financial officer at various companies, including Guidewire Software, Inc. from November 2007 to July 2009, Embarcadero Technologies from October 2005 through July 2007 and Niku Corporation (acquired by Computer Associates) from January 2003 to August 2005.

Saba Appoints Michael Shahbazian as Interim CFO 

Saba (NASDAQ: <a class="ticker" href="/stock/saba#NASDAQ">SABA</a>), the premier provider of people-centric enterprise solutions, today announced that, as expected, it received a letter (the “NASDAQ Letter”) from the staff of the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market LLC (“NASDAQ”) stating that unless the Company requests a hearing before the NASDAQ Hearing Panel that the Company's common stock is subject to delisting from NASDAQ for noncompliance with Listing Rule 5250(c)(1) (the “filing requirement”) with respect to its failure to file on a timely basis its Form 10-Q for its fiscal quarter ended February 29, 2012 (“Third Quarter Form 10-Q”) and its Form 10-K for its fiscal year ended May 31, 2012 (“Form 10-K”). 

The Company announced on October 4, 2012 that it will not be able to file its Third Quarter Form 10-Q and Form 10-K prior to the October 8, 2012 extended filing deadline previously established by the Staff, and that it will not be able to file on a timely basis its Form 10-Q, for its fiscal quarter ended August 31, 2012, which report is due October 10, 2012 (“First Quarter Form 10-Q”), resulting in noncompliance with NASDAQ Listing Rule 5250(c)(1) for that filing. 

As previously announced, the Company intends to request a hearing before a NASDAQ Hearings Panel to review the NASDAQ Letter and to request additional time in which to bring its filings with the Securities and Exchange Commission (“SEC”) current. As part of the hearing request, the Company will request a stay of any delisting of its common stock until the hearing takes places and a decision has been issued. 

As previously reported, the Company has made substantial progress on completing its financial restatement and preparing the required SEC filings but will require additional time to regain compliance with the NASDAQ filing requirement as a result of the increased scope of work required to complete the restatement. Assuming that the Company's request for a hearing and stay of the delisting process is granted, then any final decision on delisting of the Company's common stock or grant of an additional time for the Company to regain compliance with the listing requirements would be deferred until the NASDAQ Hearings Panel can review the Company's updated plan of compliance and issue a final decision on the Company's request for additional time to file its SEC reports and regain compliance with the listing requirements.

Saba Receives NASDAQ Non-Compliance Letter

Press Releases

SABA Announces Reauthorization of Share Repurchase Program

SABA Announces Notification of Sources of Distributions

SABA Announces $0.058 Dividend

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