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SLTC > SEC Filings for SLTC > Form 8-K on 6-Jun-2013All Recent SEC Filings

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Form 8-K for SELECTICA INC


6-Jun-2013

Other Events


Item 8.01 Other Events.

As previously noted in the Current Report on Form 8-K filed February 28, 2013, Selectica, Inc. (the "Company") received written notice from the NASDAQ Stock Market that the Company was no longer in compliance with NASDAQ Capital Market Listing Rule 5550(b)(1) (the "Listing Rule"), which requires registrants to maintain a minimum of $2,500,000 in stockholders equity for continued listing. On its quarterly report on Form 10-Q for the period ended December 31, 2012, the Company reported stockholders' equity of $2,372,000 and, as a result, did not satisfy the Listing Rule.

In a letter from NASDAQ dated April 23, 2013, NASDAQ granted the Company an extension until July 31, 2013 to regain compliance with the Listing Rule and provide evidence thereof to NASDAQ.

As reported in the Current Report on Form 8-K filed June 3, 2013, on May 31, 2013, the Company sold and issued 577,105 shares of its common stock and 231,518 shares of Series C Convertible Preferred Stock in an initial closing (the "Initial Closing") to certain institutional funds and other accredited investors for an aggregate purchase price of approximately $5.7 million and, subject to stockholder approval, will sell and issue 100,144 additional shares of common stock to certain members of the Company's management and board of directors for an aggregate purchase price of approximately $0.7 million.

The Company believes that, as of the date of this Current Report, it has regained compliance with the stockholders' equity requirement, based on the sale of the shares and the receipt of the purchase price therefor in the Initial Closing.

NASDAQ will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement. If, at the time of the Company's periodic report for the quarter ending June 30, 2013, the Company does not evidence compliance, it may be subject to delisting.


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