Summary of SELECTICA INC - Yahoo! Finance

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tra

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On September 15, 2009, Selectica, Inc. (the "Company") received written notification (the "Notice") from The NASDAQ Stock Market ("NASDAQ") that the Company no longer meets the requirement of NASDAQ Listing Rule 5450(a)(1) that the closing bid price of a listed security traded on The Nasdaq Global Market be at least $1.00 per share. The Company has been informed that its Common Stock has traded below $1.00 per share for 30 consecutive business days since August 3, 2009. NASDAQ Listing Rule 5810(c)(3)(A) provides for a 180 calendar grace period in which to regain compliance (the "Grace Period") with NASDAQ Listing Rule 5450(a)(1). If, during the Grace Period, the Company's Common Stock closes at $1.00 or more for a minimum of ten consecutive business days, the Company will receive confirmation of this fact from NASDAQ, unless staff exercises its discretion to extend this 10 day period pursuant to NASDAQ Listing Rule 5810(c)(3)(F).

If the Company does not regain compliance with the NASDAQ Listing Rule 5450(a)(1) at the expiration of the Grace Period, it will receive notification from the NASDAQ that its Common Stock is subject to delisting. If the Company receives such a letter it may appeal this determination to the NASDAQ Hearings Panel or apply to list its Common Stock on The Nasdaq Capital Market and become eligible for an additional grace period subject to qualifications contained in NASDAQ Listing Rule 5505.

As required by NASDAQ Listing Rule 5810(b), the Company has issued a press release as of September 18, 2009, reporting the receipt of the Notice and the NASDAQ Listing Rules upon which it is based. A copy of the press release is attached hereto as Exhibit 99.1.