Aspen Technology Receives Staff Determination from Nasdaq
November 16 2020 - 5:45PM
Business Wire
Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset
optimization software, today announced that it received a notice
from Nasdaq on November 12, 2020 stating that, as the result of not
having timely filed its Annual Report on Form 10-K for the fiscal
year ended June 30, 2020, or the 2020 Form 10‑K, and its Quarterly
Report on Form 10-Q for the three months ended September 30, 2020,
or the Q1 2021 Form 10-Q, AspenTech is not in compliance Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of periodic
financing reports with the Securities and Exchange Commission.
AspenTech announced on September 23, 2020 that it had received a
notice from Nasdaq with respect to the 2020 Form 10-K.
The Nasdaq notices have no immediate effect on the listing or
trading of AspenTech's common stock on the Nasdaq Global Select
Market. Today we submitted a plan to regain compliance under
Nasdaq's listing rules. If the plan is accepted by Nasdaq,
AspenTech may be granted an exception of up to 180 calendar days
from the original due date of the 2020 Form 10-K, or until March
15, 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 November 10, 2020, AspenTech filed a notification with the
Securities and Exchange Commission on Form 12b 25 of its inability
to timely file the Q1 2021 Form 10-Q due to AspenTech’s need for
additional time to complete its procedures to finalize the 2020
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”). AspenTech is working
diligently to complete and file the 2020 Form 10-K and Q1 2021 Form
10-Q 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 second and third paragraphs of this press release contain
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 and a Quarterly
Report on Form 10-Q for the three months ended September 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 Form 10-Q 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201116006063/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
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Jul 2023 to Jul 2024