Super Micro Computer Gains Momentum with Nasdaq Listing Extension
Super Micro Computer secures a vital extension from Nasdaq, avoiding delisting and setting the stage for a comeback in the tech market.
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Essential Highlights
- Super Micro Computer has received an extension from Nasdaq, postponing potential delisting until February 25.
- The delay stems from accounting concerns that led to a postponed annual report, breaching Nasdaq compliance rules.
- If Super Micro Computer files the required report by the new deadline, it will maintain its Nasdaq listing.
Shares of Super Micro Computer (SMCI) surged in early trading after the company announced it secured an extension from Nasdaq, granting additional time to meet listing standards and avoid delisting risks.
According to a recent securities filing, Nasdaq approved Super Micro Computer's request for an exception, extending the deadline to February 25 to fulfill listing obligations.
The company faced potential removal from Nasdaq due to delayed annual report filings caused by accounting scrutiny. Meeting the extended deadline will allow Super Micro Computer to remain listed.
Last week, an independent audit found no misconduct by senior management or the audit committee regarding accounting practices. The investigation also clarified misconceptions about the former auditor EY's resignation, which was previously attributed to disagreements over financial statements. Following these findings, Super Micro Computer plans to appoint a new finance chief.
Despite volatility throughout the year, Super Micro Computer's shares have rebounded impressively, recovering from their lowest point since May 2023 and achieving over a 50% gain this year.
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