Super Micro Computer stock was soaring on Tuesday as the server maker’s plan tostay listedon the Nasdaq exchange appeared to soothe investors.
Super Micro Computer has submitted a plan to stay listed on the Nasdaq after it missed several filing deadlines.
Shares climbed 30% to $28.20 in premarket trading, making the server maker the top performer in the S&P 500 ahead of the opening bell. Futures for the benchmark gauge slid 0.4%.
Super Micro said in a statement late Monday that it had hired BDO USA as an independent auditor and submitted a plan to the Nasdaq for a time extension so that it can regain compliance with the stock market’s listing requirements. The Nasdaq didn’t immediately respond to a Barron’s request for comment on Tuesday.
Super Micro’s plan is an important first step as it bids to reassure its shareholders. The company said it should now be able to complete its annual 10-K for the fiscal year ended June 30, and its 10-Q for the quarter ended Sept. 30. Its failure to file both those forms on time is what has put it at risk of being delisted from the Nasdaq.
Poor punctuality isn’t the only issue Super Micro is grappling with. Short seller Hindenburg Research took aim at the server maker in late August, and investors have also been fretting about deteriorating profit margins.
At the time, Super Micro told Barron’s it doesn’t comment on “rumors and speculation.” The company didn’t reply to a Barron’s request for comment on Tuesday.
As of Monday’s close, the stock was down 24% since the start of 2024. The S&P 500 is up 24% over the same period.
