SAN FRANCISCO, April 16, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK), commonly known as the “Company,†has issued an update regarding the internal investigation that was initially announced and is currently being led by the Audit Committee (the “Committeeâ€) of the board of directors. As outlined in the company’s Form 12b-25 Notification of Late Filing submitted to the Securities and Exchange Commission on April 1, 2024, the Committee began this investigation with the support of external legal counsel and advisors, focusing on the company's practices related to free cash flow and non-GAAP operating margins. While the core subject matter remains consistent with what was previously disclosed, the company presently does not believe that any issues under scrutiny impact the accuracy of previously issued financial statements or the data shared in the earnings release dated February 29, 2024. As of today, the investigation is still underway, and all involved parties are actively working toward its conclusion.
Attached is an image (PRNewsfoto/Autodesk, Inc.) for reference.
The company will not be submitting its Annual Report on Form 10-K for the fiscal year ending January 31, 2024 (the "Form 10-K") within the 15-day extension window allowed under Rule 12b-25(b) of the Securities Exchange Act of 1934, as amended, primarily due to the ongoing nature of the investigation. Consequently, it is anticipated that the company will receive a notification from The Nasdaq Stock Market ("Nasdaq") indicating non-compliance with the timely filing requirement for continued listing, as per Nasdaq Listing Rule 5250(c)(1). However, such a notice is not expected to immediately affect the trading status of the company's common stock on the Nasdaq Global Select Market.
In line with Nasdaq's listing guidelines, the company will have 60 calendar days post-notification to submit a compliance plan addressing how it intends to regain adherence to Nasdaq's listing standards. Additionally, Nasdaq retains the authority to extend this deadline by up to 180 calendar days from the original due date of the Form 10-K. The company is committed to fulfilling its obligations and regaining compliance as swiftly as possible.
SAFE HARBOR STATEMENT:
This press release includes forward-looking statements that come with inherent risks and uncertainties. These include projections regarding the timing and expectations surrounding the Committee's internal investigation, as well as statements about potential Nasdaq non-compliance. All statements that do not pertain to historical facts are considered forward-looking. A variety of factors could significantly impact the final results, differing materially from those mentioned in this report. These factors include discovering new relevant information during the investigation, the Committee's conclusions (and the timeline for reaching them) concerning matters under review, the timing and outcomes of the company's independent auditor's review, and the possibility that completing and filing the Form 10-K might take longer than anticipated. Furthermore, there is a risk that the company may fail to meet Nasdaq's continued listing criteria.
For a more detailed understanding of these risks, refer to Autodesk's Form 10-K for the fiscal year ending January 31, 2023, along with subsequent Forms 10-Q, which are available through the Securities and Exchange Commission. The company disclaims any responsibility to update forward-looking statements based on future events or circumstances.
ABOUT AUTODESK:
Autodesk is revolutionizing the way the world designs and manufactures. Our solutions span architecture, engineering, construction, product design, manufacturing, and media and entertainment sectors, empowering creators worldwide to tackle both large-scale and smaller challenges. Whether it's creating greener buildings, smarter products, or more captivating films, Autodesk tools enable our clients to build a better future. Visit autodesk.com or follow @autodesk for more details. #MakeAnything
Autodesk also utilizes its investor relations site to share important non-public information, announce investor events, and comply with its obligations under Regulation FD. Please keep an eye on this platform alongside our press releases, SEC filings, and public conference calls/webcasts.
AUTODESK, AUTOCAD, AUTOCAD LT, BIM 360, and FUSION are registered trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates in the U.S. and/or other countries. Other brand names, product names, or trademarks belong to their respective owners. Autodesk reserves the right to modify product and service offerings, specifications, and pricing without prior notice and assumes no liability for typographical or graphical errors in this document.
© 2024 Autodesk, Inc. All rights reserved.
SOURCE: Autodesk, Inc.
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