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Super Micro stock surges as company files plan to avoid Nasdaq delisting

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Super Micro Computer (SMCI) said in a filing with the Securities and Exchange Commission late Monday that it… Provided a compliance plan to avoid delisting from Nasdaq.

The company said its compliance plan shows it is on track to file late filings with the SEC “and become current with its periodic reports within the discretionary period available to Nasdaq employees to file them.”

Baron I mentioned Friday after the bell Super Micro will submit its plan to prevent delisting by Monday’s deadline, citing people familiar with the matter. Super Micro shares jumped more than 25% in after-hours trading after filing late Monday; The stock is up nearly 16% during regular trading to start the week.

Shares are down nearly 65% ​​over the past three months. After rising as much as 300% earlier this year, SMCI stock is now down more than 20% in 2024.

AI server and client maker Nvidia (NVDA) also said Monday that the company has appointed a new auditor, BDO, after its previous accountant, EY, resigned in late October.

Super Micro faces August fallout a report by short-selling firm Hindenburg Research, which highlighted potential accounting mispractices, export control violations, and suspicious relationships between top executives and Super Micro partners.

Following the report, the company delayed its annual 10-K filing with the Securities and Exchange Commission. Last week, Super Micro also delayed filing its latest quarterly report for the 10th quarter with the Securities and Exchange Commission. This increases the company’s problems He is reportedly under investigation by the Department of Justice. A barrage of bad news sent shares tumbling — EY’s resignation, in particular, sent Super Micro shares down more than 30% in a single day in late October.

The company’s shares also fell sharply after Super Micro’s fiscal first-quarter earnings report on November 5, which missed Wall Street expectations, sending shares down 18% the day after the results.

Elsewhere on Monday, the company Announced product updates During the supercomputing conference in Atlanta, including next-generation AI servers using Nvidia Blackwell chips.

“Supermicro has the experience, speed of delivery and ability to deploy the world’s largest liquid-cooled AI data center projects, containing 100,000 GPUs, to which Supermicro and NVIDIA recently contributed and deployed,” CEO Charles Liang said in a statement on Monday.

“We now have solutions that use the NVIDIA Blackwell platform.”

Nvidia will report it Profits For the third fiscal quarter on Wednesday.

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