Aeries Technology Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Rhea-AI Summary

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.

Positive

• None.

Negative

• 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

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

FAQ

Why did Aeries Technology (AERT) receive a deficiency notification from Nasdaq?

Aeries Technology (AERT) received a deficiency notification from Nasdaq due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2024, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Aeries Technology (AERT) to submit a compliance plan to Nasdaq?

Aeries Technology (AERT) has 60 calendar days from the July 31, 2024 notification date to submit a plan to regain compliance with Nasdaq's listing rules.

How long does Aeries Technology (AERT) have to regain compliance with Nasdaq's listing rules?

Nasdaq may grant Aeries Technology (AERT) an extension of up to 180 calendar days from the original Form 10-K due date, or until January 13, 2025, to regain compliance.

What steps is Aeries Technology (AERT) taking to address the Nasdaq deficiency notification?

Aeries Technology (AERT) is working diligently to complete and file the Fiscal 2024 Form 10-K as soon as possible and intends to submit a compliance plan to Nasdaq if necessary to regain compliance promptly.