New York (Reuters) – Super Micro Computer Chief Executive Charles Liang expressed confidence that the technology company’s stock will not be delisted from the Nasdaq, saying the company will file its necessary financial reports by February. The company received a letter from Nasdaq last week giving it a deadline of February 25 to file its delayed annual and quarterly reports, an exception to the stock exchange’s rules.
The server maker’s stock skyrocketed from the boom of generative artificial intelligence, meeting rising demand for AI infrastructure. However, a recent auditing scandal hurt the company’s shares. In July, Ernst & Young, Super Micro’s auditor at the time, raised concerns about the company’s governance and internal controls related to financial reporting, leading to the formation of a special committee. The committee found that EY’s statements were not bolstered by facts, but determined there were some lapses by an executive, including not timely informing the auditor of rehired former employees, according to a Super Micro regulatory filing this month.
Super Micro works with companies including Elon Musk’s xAI, including at its facility that has been developing the “Colossus” supercomputer.