(Bloomberg) – acquired Super Micro Computer Inc. More than 20 % in the extended trading after submitting suspended financial reports to be compatible with the NASDAQ Inc. It reduces the risks that the server maker will delete.
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The company informed the results of the fiscal year for the year 2024 on Tuesday in a file with the Securities and Exchange Committee. Separately, it provided financial data for the quarter ending on September 30 and December 31.
“While we made all the reports of delinquents on February 25, 2025 or before, we expect to continue to face many risks and challenges related to being previously late in the reporting of SEC.”
The stocks rose to a height of $ 56.45 at a late trading after closing it at $ 45.54 in New York. Investors became concerned as the deadline approaches – the stock slipped by 24 % between February 19 and Tuesday.
Super Micro was trying to avoid deletion after losing it in a deadline in August 2024 to submit its annual financial report for the year that ended on June 30. In October, the company's auditor resigned, in October, citing concerns about governance and transparency. Super Micro also faces an investigation into the US Department of Justice after a report issued by Hindenburg Research.
NASDAQ has extended the Super Micro until Tuesday to provide late deposits and comply with the inclusion rules. In December, Super Micro said an independent review of its work did not find any evidence of misconduct, but the company pledged to install a new financial president and senior executives.
“It has received correspondence from Nasdak employees that the company has regained compliance with the deposit requirements, and the matter is now closed.”
In the financial year report, Super Micro said it concluded that internal controls on financial reports were not effective, and “treatment measures began.” However, Super Micro warned that “he may fail to address physical weaknesses in our internal control over financial reports.”
Super Micro highlights potential risk, including failure to “restore missing companies or commercial opportunities due to the constant harm of reputation.” Earlier this month, CEO Charles Liang said that there were some negative commercial effects due to delaying deposit.
Instead of audited financial information, Super Micro delivered “business updates” in the last quarters with initial sales and profit results. Early this month, the company provided stronger sales forecasts of $ 40 billion for the fiscal year ending in June 2026.
– With the help of Carmen Royck.
(Updates with more details all over.)
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