CIMdata PLM Industry Summary Online Archive
November 20, 2007
Financial News
Aspen Technology Receives Additional Staff Determination Letter from Nasdaq relating to Quarterly Report on Form 10-Q
Aspen Technology today announced that it received, as expected, an Additional Staff Determination Letter from the NASDAQ on November 14, 2007 indicating that the Company is not in compliance with the requirements for continued listing set forth in Marketplace Rule 4310(c)(14) as a result of the Company's failure to file timely with the Securities and Exchange Commission the Company's Form 10-Q for the quarter ended September 30, 2007.
The NASDAQ previously issued a Staff Determination regarding the continued listing of the Company's Stock on the Nasdaq Global Market due to the Company's failure to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2007. The November 14 Staff Determination further indicates that non-compliance as a result of the Company's failure to file its Form 10-Q serves as an additional basis for delisting the Company's stock At the Company's request, a hearing on the Staff Determinations was conducted on November 15, 2007 before a Nasdaq Listing Qualifications Panel at which time the Company requested an extension to January 18, 2008 to comply with NASDAQ listing requirements. There can be no assurance that the Panel will grant the Company's request.
AspenTech's delay in filing is attributed to the previously announced intention to restate certain historical financial statements. The Company is working diligently to complete its delinquent Forms 10-Q and 10-K.
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