Updated from 4:41 p.m. EDT

Novell

(NOVL)

, which announced a voluntary review of its past stock options practices in August, and said earlier in September that it will not meet its filing deadline for the third quarter, has received a delisting notice from the

Nasdaq

.

The software company said Wednesday in an SEC filing that it will appeal the Nasdaq determination and request a hearing.

The appeal and request for a hearing automatically stays the delisting of the open-source software company's common stock, pending the Nasdaq's review and determination.

Novell announced the probe in late August when it posted

financial results for the July quarter, including a larger-than-expected profit on decreased year-over-year sales.

In a separate announcement, Novell said that it received a letter from

Wells Fargo Bank

(WFC) - Get Report

, the trustee with respect to the company's $600 million .50% convertible senior debentures due 2024, asserting that Novell is in default under the indenture because of its delayed 10-Q filing.

The letter says that the asserted default will not become an "event of default" under the indenture if Novell cures the default within 60 days after the date of the notice.

Novell disputes Wells Fargo's assertions, calling them "invalid and without merit," and says it will comply with the requirement of its indenture.

In recent after-hours trading, shares of Novell lost 15 cents to $6.23, after closing the regular session up 6 cents to $6.38.