Super Micro Computer Inc. (SMCI) saw its stock surge by a staggering 28.32% in after-hours trading on Monday, November 18, following the company's submission of a compliance plan to avoid potential delisting from the Nasdaq stock exchange.
The server and data storage provider has been facing mounting pressure after failing to file its annual report on time, prompting Nasdaq to issue a warning in September. The company was given a 60-day deadline to either file the delayed report or submit a convincing plan to remain listed, with the deadline falling on November 16.
On Monday, Super Micro announced that it had submitted a compliance plan to Nasdaq to support its request for an extension to regain compliance with the exchange's listing requirements. Additionally, the company revealed that it had appointed BDO USA, a highly respected accounting firm, as its new independent auditor, effective immediately.
According to Super Micro, the compliance plan indicates that the company believes it will be able to complete its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, thereby becoming current with its periodic reports within the discretionary period available to Nasdaq.
