Shares of Super Micro Computer Inc (NASDAQ:SMCI) jumped 9% in after-hours trading on Friday after the company announced it had received an extension from the Nasdaq Stock Market to file its delayed financial reports. The Company received a letter from Nasdaq on December 6, 2024 allowing it until February 25, 2025 to file its Annual Report on Form 10-K for the fiscal year ending June 30, 2024, as well as its Quarterly Report on Form 10-Q for the period ending September 30, 2024, along with Any other necessary files. Super Micro’s common stock will continue to trade on the Nasdaq Global Select Market throughout this extension period.
The extension follows recent news, including the appointment of BDO USA as its new auditor and the submission of a compliance plan to Nasdaq last month. In November, former audit firm Ernst & Young resigned over “concerns regarding various matters relating to governance, transparency and completeness of communications with EY, and other matters relating to the firm’s internal control over financial reporting…”
In August, SMCI delayed filing its 10-K for fiscal year 2024 after a dispute with its auditor and after a scathing report on the company from short-selling-focused research firm Hindenburg Research, which highlighted corporate malice, including undisclosed transactions with third parties. Related. .
The company expressed confidence that it will meet the new deadline of February 25, 2025 to submit the required financial documents, which is critical to maintaining its listing on the Nasdaq Stock Exchange.
Earlier this week, SMCI said an independent panel’s review, which took more than three months, found no evidence of fraud or misconduct on the part of Super Micro’s management. The company has also begun searching for a new CFO.
Amid accounting issues, Super Micro still reported strong demand for its AI servers, especially those equipped with liquid cooling technology, even though the company trimmed its financial guidance for the first quarter of fiscal 2025 ending September 30, 2024. SMCI said: Net sales are expected to be $5.9 billion to $6.0 billion compared to the previous guidance range of $6.0 billion to $7.0 billion. Meanwhile, GAAP net income per common share reduced from $0.75 to $0.76 compared to the previous guidance range of $0.67 to $0.83.
At Friday’s closing price, SMCI shares were up 55% year-to-date despite a sharp 64% decline from the 52-week high it reached in March.
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Super Micro stock jumps after Nasdaq grants filing extension