Aspen Technology Receives Staff Determination from Nasdaq
September 23 2020 - 4:01PM
Business Wire
Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset
optimization software, today announced that it received a notice
from Nasdaq on September 17, 2020 stating that, as a result of not
having timely filed its annual report on Form 10-K for the year
ended June 30, 2020, AspenTech is not in compliance with Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of periodic
financing reports with the Securities and Exchange Commission.
The Nasdaq notice has no immediate effect on the listing or
trading of AspenTech’s common stock on the Nasdaq Global Select
Market. Under Nasdaq’s listing rules, AspenTech has 60 calendar
days from the date of the letter to submit a plan to regain
compliance. If the plan is accepted by Nasdaq, AspenTech can be
granted an exception of up to 180 calendar days from the original
due date of the Form 10-K, or until February 27, 2021, to regain
compliance. AspenTech expects to regain compliance within the
timeline prescribed. This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
On September 1, 2020, AspenTech filed a notification with the
Securities and Exchange Commission on Form 12b 25 of inability to
timely file the Form 10-K due to AspenTech’s need for additional
time to complete its procedures to finalize the Form 10-K, which
has taken longer than anticipated as a result of additional errors
identified by AspenTech in the transition adjustment recorded in
the prior fiscal year related to the adoption of Accounting
Standards Update No. 2014-09, Revenue from Contracts with Customers
(“Topic 606”). The COVID-19 pandemic and resulting remote working
environment has also made completion of such procedures
challenging. AspenTech is working diligently to complete and file
its Form 10-K as quickly as possible.
About Aspen Technology
Aspen Technology (AspenTech) is a global leader in asset
optimization software. Its solutions address complex, industrial
environments where it is critical to optimize the asset design,
operation and maintenance lifecycle. AspenTech uniquely combines
decades of process modelling expertise with artificial
intelligence. Its purpose-built software platform automates
knowledge work and builds sustainable competitive advantage by
delivering high returns over the entire asset lifecycle. As a
result, companies in capital-intensive industries can maximize
uptime and push the limits of performance, running their assets
safer, greener, longer and faster. Visit AspenTech.com to find out
more.
Forward-Looking Statements
The third paragraph of this press release contains
forward-looking statements for purposes of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Actual results may vary significantly from AspenTech’s expectations
based on a number of risks and uncertainties, including, without
limitation: statements or expectations regarding the timing of
filing a Form 10-K for the year ended June 30, 2020 with the
Securities and Exchange Commission and the ability of AspenTech to
regain compliance with Nasdaq listing requirements to avoid
delisting of its securities on the Nasdaq Stock Market. AspenTech
cannot guarantee any future timing of filing of its Form 10 K or
achievement of compliance with Nasdaq listing standards. AspenTech
expressly disclaims any obligation to update forward-looking
statements after the date of this press release.
© 2020 Aspen Technology, Inc. AspenTech, the Aspen leaf logo and
Aspen are trademarks of Aspen Technology, Inc. All rights
reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20200923005885/en/
Media Contact Lucy Millington Aspen Technology +1
781-221-6419 lucy.millington@aspentech.com
Investor Contact Brian Denyeau ICR for Aspen Technology
+1 646-277-1251 brian.denyeau@icrinc.com
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