SUPER MICRO COMPUTER INC has appointed an independent auditor and submitted a plan with Nasdaq to comply with listing requirements.
Shares of the server maker were sharply higher on Monday as investors awaited the announcement that it had filed that plan.
Super Micro stock closed 15.9% higher to $21.54 and shot up another 47% in overnight trading.
In a statement, Super Micro said its board engaged BDO USA, P.C. as its auditor, effective immediately. BDO is a member firm of BDO International.
Charles Liang, Super Micro’s CEO, said the appointment of BDO “is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency.”
The company also said its plan supports its request for an extension of time to regain compliance with Nasdaq’s requirements. The company said it believes it will be able to complete its annual report for the year ended June 30, 2024, and its quarterly report for the fiscal quarter ended Sept. 30, 2024, and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant.
Super Micro said its securities will remain listed pending Nasdaq’s review of the plan, citing the exchange’s rules. A person familiar with the matter told Barron’s that it should take the Nasdaq about two weeks to review what has been sent over.
Barron’s has reached out to Nasdaq for comment.
Super Micro has dealt with no end of issues lately. The challenges have ranged from deteriorating profit margins to a short seller report to its former accounting firm resigning.
The company delayed filing its 10-K, or annual report, for the fiscal year ended June 30, as it was required to do to maintain its listing on one of the two major U.S. stock exchanges. Super Micro also delayed the filing of its quarterly 10-Q last week.
After receiving a letter from the Listing Qualifications Department of the Nasdaq Stock Market on Sept. 17, Super Micro had 60 calendar days to file or submit a plan to the Nasdaq to regain compliance with listing rules. Based on that calculation, the deadline would have been Nov. 16, but because the date fell on a Saturday, there was the possibility of an extension.
A person familiar with the matter told Barron’s last week and confirmed Monday that Super Micro intended to submit a plan by Monday that will allow it to continue to trade on the Nasdaq.
Also Monday, the company also announced its latest lineup of NVIDIA Corp AI data-center server systems, based on Blackwell graphics processing units.
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