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The board of

Kana Software


reversed itself and recommended that shareholders of the company reject a proposed preferred-stock financing plan.

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The board said the recommendation was based on a review of the company's financial condition as well as concerns raised by Kana holders about various terms of the financing, including the discount to market prices to be paid in the transaction.

The board said the company's financial position has "significantly improved" since the financing was announced.

Kana shareholders are scheduled to vote on the proposal Jan. 21.