Saba Provides Update on Trading of Common Stock Pending Completion of Acquisition by Vector Capital
Saba reports that it is moving forward to complete its announced merger with a group of investors led by Vector Capital.
Bracknell, UK – February 20, 2015 – Saba (OTC Pink: SABA), a global leader in cloud-based intelligent talent management solutions, reports that it is moving forward to complete its announced merger with a group of investors led by Vector Capital and that it expects to issue a proxy statement to its stockholders to solicit stockholder approval for the merger in the near term.
The Company also reported that as expected the U.S. Securities and Exchange Commission (the “SEC”) has issued an order pursuant to section 12(j) of the Securities and Exchange Act of 1934 (the “Exchange Act”) revoking the registration of Saba’s common stock under Section 12(g) of the Exchange Act. Saba does not expect that the revocation order will impair its ability to complete the merger. From the effective date of the order through the closing of the merger, the Company does not expect there to be an active market for its common stock.
The Company is working diligently to complete the transaction as soon as practicable. At this time, a specific completion date has not been established. The merger agreement with Vector Capital is available on a Form 8-K filed with the SEC on February 11, 2015.