Stock Track | Super Micro Computer Inc Soars 16.36% Pre-Market on Optimism Over No Restatement of Financials

Stock Track12-03 17:26

Super Micro Computer Inc (SMCI) shares surged 16.36% in the pre-market session on Monday, following the company's announcement that it does not expect a restatement of its previously reported financials.

The server maker had faced concerns over its accounting practices and a potential delisting from the Nasdaq exchange after its previous auditor, Ernst & Young, resigned and raised doubts about the reliability of SMCI's financial statements.

However, SMCI has now appointed BDO USA as its new auditor and submitted a compliance plan to Nasdaq, easing investor worries about a potential restatement of its financials. This development sparked optimism in the market, driving a sharp rally in SMCI's stock price during the pre-market session.

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