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SAN FRANCISCO, April 16, 2024 — Autodesk, Inc. (NASDAQ: ADSK) has shared an update on the ongoing internal investigation being led by its Audit Committee. As outlined in the Company’s Form 12b-25 filing with the SEC on April 1, 2024, the investigation, supported by external legal and advisory experts, is focused on the company’s free cash flow and non-GAAP operating margin practices. The scope of the inquiry remains consistent with previous disclosures, and the Company currently believes that no issues under review have impacted prior financial statements or the February 29, 2024 earnings release.
The investigation is still active, and all involved parties are working diligently to complete it as efficiently as possible. In light of this, Autodesk will not meet the 15-day extension period for filing its Annual Report on Form 10-K for the year ending January 31, 2024. As a result, the Company anticipates receiving a notification from Nasdaq indicating potential non-compliance with the timely filing requirement under Listing Rule 5250(c)(1). However, this notice is not expected to immediately affect the trading of Autodesk’s shares on the Nasdaq Global Select Market.
Under Nasdaq's rules, the Company has 60 calendar days from the date of receiving the compliance notice to submit a plan of action to regain listing eligibility. Nasdaq may grant an additional 180 days from the original due date of the Form 10-K to achieve compliance. Autodesk is committed to taking all necessary steps to restore compliance as soon as possible.
This press release includes forward-looking statements that involve risks and uncertainties, including expectations about the timeline of the internal investigation and potential Nasdaq-related issues. Actual results could differ materially due to factors such as new findings during the investigation, the timing of the Committee’s conclusions, the review process by the Company’s independent auditor, and the possibility of delays in filing the 10-K or failing to meet Nasdaq requirements.
For more details on these risks, please refer to Autodesk’s recent SEC filings, including its 2023 Form 10-K and subsequent 10-Q reports. Autodesk does not assume any obligation to update these forward-looking statements after the date they were made.
Autodesk is a global leader in design and engineering software, empowering professionals across industries to innovate and create. From architecture to entertainment, Autodesk helps shape the future through cutting-edge technology. For more information, visit autodesk.com or follow @autodesk on social media.
To stay informed about Autodesk’s latest updates, investors should check the investor relations section of the company’s website, where material non-public information is disclosed. This includes announcements about investor events and compliance with Regulation FD.
Autodesk, AutoCAD, BIM 360, and Fusion are registered trademarks of Autodesk, Inc. All other brand names and product names are the property of their respective owners. Autodesk reserves the right to change product offerings, specifications, and pricing without notice. The company is not responsible for typographical or graphical errors in this document.
© 2024 Autodesk, Inc. All rights reserved.
SOURCE: Autodesk, Inc.