SAN FRANCISCO, April 16, 2024 /PRNewswire/ -- Autodesk,
Inc. (NASDAQ: ADSK) (the "Company") today provided an update
on the previously reported internal investigation that is currently
being conducted by the Audit Committee (the "Committee") of the
Board of Directors of the Company. As described in the Company's
Form 12b-25 Notification of Late Filing filed with the Securities
and Exchange Commission on April 1,
2024, the Committee commenced an internal investigation with
the assistance of outside counsel and advisors regarding the
Company's free cash flow and non-GAAP operating margin practices.
The subject of the internal investigation remains the same as
previously disclosed, and the Company currently does not believe
that any of the matters under investigation affect any previously
issued financial statements or the information in the Company's
earnings release on February 29,
2024. As of today, the investigation is ongoing and all
parties continue to work diligently to complete the
investigation.
The Company will not file its Annual Report on Form 10-K for the
year ended January 31, 2024 (the
"Form 10-K") within the 15-day extension period contemplated by
Rule 12b-25(b) under the Securities
Exchange Act of 1934, as amended, due to the ongoing investigation.
Accordingly, the Company expects to receive a notice from The
Nasdaq Stock Market ("Nasdaq") that it is not in compliance with
the timely filing requirement for continued listing under Nasdaq
Listing Rule 5250(c)(1). Such notification letter is not expected
to have an immediate effect on the listing or trading of the
Company's common stock on the Nasdaq Global Select Market.
In accordance with Nasdaq's listing rules, the Company will have
60 calendar days after the receipt of a notification letter from
Nasdaq to submit a plan of compliance to Nasdaq addressing how the
Company intends to regain compliance with Nasdaq's listing rules,
and Nasdaq will have the discretion to grant the Company up to 180
calendar days from the due date of the Form 10-K to regain
compliance. The Company intends to take the necessary steps to
regain compliance with Nasdaq's listing rules as soon as
practicable.
Safe harbor statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements above
regarding the timing and expectations regarding the Committee's
internal investigation and statements regarding potential Nasdaq
non-compliance, as well as all statements that are not historical
facts. There are a significant number of factors that could cause
actual results to differ materially from statements made in this
report, including: the discovery of additional information relevant
to the internal investigation; the conclusions of the Committee
(and the timing of the conclusions) concerning matters relating to
the investigation; the timing of the review by, and the conclusions
of, the Company's independent registered public accounting firm
regarding the investigation and the Company's financial statements;
the risk that the completion and filing of the Form 10-K will take
longer than expected; and the risk that the Company will be unable
to meet Nasdaq's continued listing requirements.
Further information on potential factors that could affect the
financial results of Autodesk are included in Autodesk's Form 10-K
for the fiscal year ended January 31,
2023, and subsequent Forms 10-Q, which are on file with the
Securities and Exchange Commission. Autodesk disclaims any
obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the
date on which they were made.
About Autodesk
Autodesk is changing how the world is designed and made. Our
technology spans architecture, engineering, construction, product
design, manufacturing, media and entertainment, empowering
innovators everywhere to solve challenges big and small. From
greener buildings to smarter products to more mesmerizing
blockbusters, Autodesk software helps our customers to design and
make a better world for all. For more information, visit
autodesk.com or follow @autodesk. #MakeAnything
Autodesk uses its investors.autodesk.com website to disclose
material non-public information, announce upcoming investor
conferences and comply with its disclosure obligations under
Regulation FD. Accordingly, you should monitor our investor
relations website in addition to following our press releases, SEC
filings and public conference calls and webcasts.
Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion are registered
trademarks of Autodesk, Inc., and/or its subsidiaries and/or
affiliates in the USA and/or other
countries. All other brand names, product names or trademarks
belong to their respective holders. Autodesk reserves the right to
alter product and service offerings, and specifications and pricing
at any time without notice, and is not responsible for
typographical or graphical errors that may appear in this
document.
© 2024 Autodesk, Inc. All rights reserved.
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SOURCE Autodesk, Inc.