By Emily Dattilo and Adam Clark
Super Micro Computer 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 16.8% in after-hours trading. The stock also was the top performer in the S&P 500.
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.
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.
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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 accounting firm resigning.
The company has delayed filing its 10-K 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 intends 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 AI data-center server systems, based on Blackwell graphics processing units.
Write to Emily Dattilo at emily.dattilo@dowjones.com and Adam Clark at adam.clark@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 18, 2024 17:14 ET (22:14 GMT)
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