Shares of Super Micro Computer (NASDAQ:SMCI) jumped 9% after hours on Friday after the company announced that the Nasdaq stock exchange had granted it an extension to submit its overdue financial reports. The company received a letter from Nasdaq on December 6, 2024, giving it until February 25, 2025 to file its annual report on Form 10-K for the fiscal year ended June 30, 2024, as well as its quarterly report on Form 10- Q for the period ending September 30, 2024, as well as any other necessary filings. Super Micro's common stock will continue to be traded on the Nasdaq Global Select Market throughout this extension period.
This extension follows recent news, including the appointment of BDO USA as the new auditor and the submission of a compliance plan to Nasdaq last month. In November, former audit firm Ernst&Young resigned due to “concerns regarding several issues related to governance, transparency and completeness of communications with EY, as well as other matters relating to internal control of the company in terms of financial information…”.
In August, SMCI delayed its 10-K filing for fiscal 2024 after a dispute with its auditor and following a scathing report on the company from short-selling-focused research firm Hindenburg Research, which exposed corporate malfeasance, including undisclosed related party transactions. .
The company said it was confident it would meet the new deadline of February 25, 2025 for filing required financial documents, which is crucial to maintaining its Nasdaq listing.
Earlier this week, SMCI said an independent committee's review, which lasted more than three months, found no evidence of fraud or misconduct by Super Micro management. The company also launched a search for a new CFO.
Amid the accounting woes, Super Micro has still reported strong demand for its AI servers, particularly those equipped with liquid cooling technology, although the company reduced its financial forecast for the first quarter of financial year 2025 ended September 30, 2024. SMCI reported net sales. are expected in a range of $5.9 billion to $6.0 billion, compared to the previous range of $6.0 billion to $7.0 billion. Meanwhile, non-GAAP diluted net income per common share is $0.75 to $0.76, compared to its previous guidance range of $0.67 to $0.83.
As of Friday's closing price, SMCI stock is up 55% year to date despite falling 64% sharply from its 52-week high set in March.
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Super Micro Stock Jumps After Nasdaq Grants Filing Extension
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