Super Micro Computer (SMCI) said in a filing with the Securities and Exchange Commission late Monday that it has submitted a compliance plan to avoid delisting from the Nasdaq.
The company said its compliance plan shows it is on track to submit delayed filings to the SEC “and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant.”
Barron’s reported on Friday after the bell that Super Micro would submit its plan to prevent delisting by Monday’s deadline, citing people familiar with the matter. Super Micro shares jumped over 25% in after-hours trading following the filing late Monday; the stock surged roughly 16% during regular trading to start the week.
Shares have tumbled roughly 65% over the past three months. After gaining as much as 300% earlier this year, SMCI stock is now down over 20% in 2024.
The AI server maker and Nvidia (NVDA) customer also said Monday that the company has hired a new auditor, BDO, after its prior accountant, EY, resigned in late October.
Super Micro has been grappling with the fallout from an August report by short seller firm Hindenburg Research, which shed light on potential accounting malpractices, violations of export controls, and shady relationships between top executives and Super Micro partners.
Following the report, the company delayed its annual 10-K filing to the Securities and Exchange Commission. Last week, Super Micro also delayed filing its most recent quarterly 10-Q report to the SEC. Adding to its woes, the company is reportedly being investigated by the Department of Justice. The barrage of bad news has sent shares tumbling — EY’s resignation, in particular, pushed Super Micro stock down more than 30% in a single day in late October.
Shares of the company also fell sharply following Super Micro’s fiscal first quarter earnings report Nov. 5, which missed Wall Street’s expectations, sending shares down 18% in the day following the results.
Elsewhere on Monday, the company announced product updates during the Supercomputing Conference in…
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