Connect with us

Hi, what are you looking for?

Stock

Super Micro Computer stock jumps after Nasdaq extension on listing rules

Investing.com — Super Micro Computer (NASDAQ:SMCI) announced on Friday that it has received an extension from Nasdaq, giving the company until February to resolve its compliance issues and maintain its listing.

The company now has until February 25, 2025, to file its outstanding financial reports with the US Securities and Exchange Commission (SEC).

SMCI shares jumped more than 9% in premarket trading Monday.

Super Micro’s delay in submitting audited year-end financials for the last fiscal year, along with overdue quarterly results, had put it at risk of being delisted.

“The Company’s common stock will remain listed on the Nasdaq Global Select Market during the exception period,” SMCI stated in a press release.

“If the Company files all the required reports by February 25, 2025, the common stock will remain listed, so long as the Company remains in compliance with Nasdaq’s listing rules.”

The AI server maker said it expects to meet the new deadline.

The threat of delisting has coincided with a significant rally in SMCI stock, driven by its role as a leading supplier of Nvidia-based computer clusters for AI. The company expects to see a 67% increase in revenue, reaching approximately $25 billion in fiscal 2025.

Super Micro’s challenges have included the resignation of Ernst & Young as its auditor in October, with BDO stepping into the role last month. Moreover, its reputation suffered after Hindenburg Research accused the company of accounting manipulation in August. The activist investor disclosed a short position in the stock at the time.

Last week, Super Micro announced the results of an internal investigation overseen by a board member, which found no evidence of wrongdoing. The company also disclosed plans to replace Chief Financial Officer David Weigand and confirmed the appointment of a new accounting chief.

This post appeared first on investing.com






    You May Also Like

    Economy

    A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

    Investing

    Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

    Editor's Pick

    Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

    Latest News

    A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

    Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 balanceandcharge.com