SAN FRANCISCO, April 25, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK), commonly referred to as the "Company," made an official announcement today. On April 19, 2024, the Company received a deficiency notice from the Listing Qualifications Staff at The Nasdaq Stock Market LLC ("Nasdaq"). This notice highlighted that the Company had failed to submit its annual report on Form 10-K for the fiscal year ending January 31, 2024, in a timely manner. As outlined in the Form 12b-25 Notification of Late Filing submitted to the Securities and Exchange Commission (SEC) on April 1, 2024, and reiterated in the press release dated April 16, 2024, this oversight put the Company out of compliance with Nasdaq's Listing Rule 5250(c)(1). According to the rule, Nasdaq-listed companies must ensure all required periodic reports are filed with the SEC on time.
While this development has no immediate impact on the listing or trading of Autodesk's common stock on the Nasdaq Global Select Market, it does require the company to address the issue promptly. In line with Nasdaq's guidelines, the Company now has 60 calendar days following the issuance of the notice to present a recovery plan. Upon receiving such a plan, Nasdaq may extend the deadline by up to 180 calendar days from the original due date of the Form 10-K, pushing it to October 14, 2024. The Company is committed to resolving this matter as swiftly as possible.
The delay in filing the Form 10-K was primarily due to ongoing internal investigations into certain matters, which were discussed in both the Form 12b-25 and the prior press release. These investigations are still underway, with all involved parties working diligently towards their completion. The focus of these inquiries remains consistent with previous disclosures, and the Company currently believes that none of the issues under investigation have affected its previously released financial statements or the information contained within the earnings release from February 29, 2024.
In addition to these updates, the Company has issued a Safe Harbor statement to outline the risks and uncertainties surrounding the timing and expectations related to the audit committee's internal investigation, as well as the anticipated filing of the Form 10-K. The Company also addressed its intentions to regain compliance with Nasdaq’s listing rules, emphasizing that there are numerous variables that could influence the final outcome.
For further details on potential factors impacting the Company’s financial performance, interested parties can refer to Autodesk’s Form 10-K for the fiscal year ended January 31, 2023, along with subsequent Forms 10-Q, available through the SEC. The Company disclaims any responsibility for updating the forward-looking statements made in this release.
Autodesk continues to transform the way the world designs and builds. Leveraging its suite of innovative tools across various industries, from architecture to entertainment, the company empowers creators globally to tackle challenges effectively. For more information, visit autodesk.com or follow @autodesk.
As part of its commitment to transparency, Autodesk uses its investor relations website as a platform for sharing important updates and fulfilling its regulatory obligations under Regulation FD. Keep an eye on this channel for future announcements and events.
Trademark details indicate that several brands mentioned, including Autodesk, AutoCAD, AutoCAD LT, BIM 360, and Fusion 360, are registered under Autodesk, Inc. or its affiliates. Other brand names referenced belong to their respective owners. Changes to product offerings, specifications, and pricing may occur without prior notice, and the company assumes no liability for typographical or visual inaccuracies in this communication.
© 2024 Autodesk, Inc. All rights reserved.
SOURCE: Autodesk, Inc.
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