Aeries Technology Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K
Aeries Technology (Nasdaq: AERT) has received a deficiency notification from Nasdaq due to its delayed filing of the Annual Report on Form 10-K for the fiscal year ended March 31, 2024. This delay puts the company in non-compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports. Aeries now has 60 calendar days to submit a compliance plan to Nasdaq, which may grant an extension of up to 180 calendar days from the original due date (until January 13, 2025) for the company to regain compliance. The company is working to complete and file the Form 10-K as soon as possible and intends to take necessary steps to regain compliance with Nasdaq's listing rules promptly.
Aeries Technology (Nasdaq: AERT) ha ricevuto una notificazione di non conformità da Nasdaq a causa del ritardo nella presentazione del rapporto annuale sul modulo 10-K per l'anno fiscale conclusosi il 31 marzo 2024. Questo ritardo pone l'azienda in una situazione di non conformità con la Regola di quotazione 5250(c)(1) di Nasdaq, che richiede la presentazione tempestiva dei rapporti periodici. Aeries ha ora 60 giorni di calendario per presentare un piano di conformità a Nasdaq, che può concedere un'estensione fino a 180 giorni di calendario dalla data di scadenza originale (fino al 13 gennaio 2025) affinché l'azienda possa ripristinare la conformità. L'azienda sta lavorando per completare e presentare il modulo 10-K il prima possibile e intende intraprendere i passi necessari per ripristinare rapidamente la conformità alle regole di quotazione di Nasdaq.
Aeries Technology (Nasdaq: AERT) ha recibido una notificación de deficiencia de Nasdaq debido a su retraso en la presentación del Informe Anual en el Formulario 10-K para el año fiscal que terminó el 31 de marzo de 2024. Este retraso coloca a la empresa en una situación de incumplimiento con la Regla de Cotización 5250(c)(1) de Nasdaq, que requiere la presentación puntual de informes periódicos. Aeries ahora tiene 60 días naturales para presentar un plan de cumplimiento a Nasdaq, que puede conceder una extensión de hasta 180 días naturales desde la fecha de vencimiento original (hasta el 13 de enero de 2025) para que la empresa recupere el cumplimiento. La empresa está trabajando para completar y presentar el Formulario 10-K lo antes posible y tiene la intención de tomar las medidas necesarias para recuperar rápidamente el cumplimiento con las reglas de cotización de Nasdaq.
Aeries Technology (Nasdaq: AERT)는 2024년 3월 31일 종료된 회계연도에 대한 10-K 양식의 연례 보고서를 늦게 제출하여 Nasdaq으로부터 불이행 통지를 받았습니다. 이 지연으로 인해 회사는 정기 보고서의 적시 제출을 요구하는 Nasdaq 상장 규칙 5250(c)(1)과 불일치하게 되었습니다. Aeries는 이제 Nasdaq에 준수 계획을 제출하기 위해 60일의 캘린더 일수가 있으며, Nasdaq은 원래 마감일(2025년 1월 13일까지)부터 최대 180일의 연장을 부여할 수 있습니다. 회사는 가능한 한 빨리 10-K 양식을 완료하고 제출하기 위해 노력하고 있으며, Nasdaq의 상장 규정을 준수하기 위해 필요한 조치를 신속히 취할 계획입니다.
Aeries Technology (Nasdaq: AERT) a reçu une notification de non-conformité de la part de Nasdaq en raison de son retard dans le dépôt du rapport annuel sur le formulaire 10-K pour l'année fiscale se terminant le 31 mars 2024. Ce retard met l'entreprise en non-conformité avec la règle de cotation 5250(c)(1) de Nasdaq, qui exige le dépôt en temps voulu des rapports périodiques. Aeries a maintenant 60 jours calendaires pour soumettre un plan de conformité à Nasdaq, qui peut accorder une prolongation allant jusqu'à 180 jours calendaires à partir de la date d'échéance initiale (jusqu'au 13 janvier 2025) pour que l'entreprise puisse recouvrer la conformité. L'entreprise travaille à compléter et à déposer le formulaire 10-K dès que possible et a l'intention de prendre les mesures nécessaires pour rétablir rapidement la conformité avec les règles de cotation de Nasdaq.
Aeries Technology (Nasdaq: AERT) hat von Nasdaq eine Benachrichtigung über eine Nichterfüllung erhalten, da das Unternehmen den Jahresbericht auf dem Formular 10-K für das am 31. März 2024 endende Geschäftsjahr verspätet eingereicht hat. Diese Verzögerung führt dazu, dass das Unternehmen nicht den Anforderungen der Nasdaq-Notierungsregel 5250(c)(1) entspricht, die eine fristgerechte Einreichung von regelmäßigen Berichten erfordert. Aeries hat nun 60 Kalendertage Zeit, um einen Plan zur Wiederherstellung der Compliance bei Nasdaq einzureichen, die eine Verlängerung von bis zu 180 Kalendertagen ab dem ursprünglichen Fälligkeitsdatum (bis zum 13. Januar 2025) gewähren kann, damit das Unternehmen wieder konform wird. Das Unternehmen arbeitet daran, das Formular 10-K so schnell wie möglich abzuschließen und einzureichen, und beabsichtigt, die notwendigen Schritte zu unternehmen, um die Konformität mit den Notierungsregeln von Nasdaq umgehend wiederherzustellen.
- None.
- Delayed filing of Annual Report on Form 10-K
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting from Nasdaq if compliance is not regained
This notification from Nasdaq is a serious compliance issue for Aeries Technology. The delay in filing the Form 10-K raises concerns about the company's financial reporting processes and internal controls. While it's not uncommon for companies to face such delays, it's important to note that:
- The company has until September 29, 2024 to submit a compliance plan to Nasdaq.
- If accepted, Aeries could have until January 13, 2025 to file the delayed report.
- Failure to meet these deadlines could lead to delisting from Nasdaq.
Investors should closely monitor the situation, as prolonged non-compliance could impact stock liquidity and investor confidence. The root cause of the delay is not disclosed, which adds uncertainty. The company's ability to quickly resolve this issue will be a key indicator of its management effectiveness and financial stability.
This notification highlights potential governance concerns at Aeries Technology. Timely financial reporting is a fundamental aspect of good corporate governance and transparency. Key points to consider:
- The delay suggests possible internal control weaknesses or complexities in financial reporting.
- The company's response and ability to meet the compliance plan deadline will be crucial.
- Shareholders should seek clarity on the reasons for the delay and steps being taken to prevent future occurrences.
While Aeries states they're working diligently to file the report, the lack of a specific timeline is concerning. This situation may warrant increased scrutiny from the board of directors and could potentially lead to changes in financial management or reporting processes to ensure future compliance.
NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Aeries Technology, Inc. (“Aeries” or “the Company”) (Nasdaq: AERT), a global professional services and technology consulting partner, today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on July 31, 2024 ( the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Annual Report on Form 10-K for the year ended March 31, 2024 (the “Fiscal 2024 Form 10-K”) as described more fully in the Company's Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the "SEC") on July 1, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
In accordance with Nasdaq’s listing rules, the Company has 60 calendar days after the Notice to submit a plan to regain compliance with the Listing Rule. Following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the Fiscal 2024 Form 10-K’s due date, or until January 13, 2025, for the Company to regain compliance.
While the Company cannot provide specific timing, it is working diligently to complete and file the Fiscal 2024 Form 10-K as soon as practicable. The Company intends to submit a compliance plan to Nasdaq if necessary and take the appropriate steps to regain compliance with Nasdaq’s listing rules as promptly as possible.
About Aeries Technology
Aeries Technology (Nasdaq: AERT) is a global professional services and consulting partner for businesses in transformation mode and their stakeholders, including private equity sponsors and their portfolio companies, with customized engagement models that are designed to provide the right mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations. Founded in 2012, Aeries Technology now has over 1,700 professionals specializing in Technology Services and Solutions, Business Process Management, and Digital Transformation initiatives, geared towards providing tailored solutions to drive business success. Aeries Technology’s approach to staffing and developing its workforce has earned it the Great Place to Work Certification.
Contacts
Ryan Gardella
AeriesIR@icrinc.com
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