Super Micro Computer Receives Extension to Maintain Listing on Nasdaq
Super Micro Computer, a server maker, has been granted an extension by Nasdaq to maintain its listing on the stock exchange. The company has until February 25th, 2025 to file its audited year-end financials for the latest fiscal year and quarterly results. If Super Micro meets the filing deadline, its common stock will remain listed on the Nasdaq Global Select Market, provided the company remains in compliance with Nasdaq’s listing rules.
The extension comes as a reprieve for the company, which has been facing the risk of being delisted due to its failure to file timely reports. Super Micro’s stock rose 7% in extended trading after the announcement.
The company’s sales have surged in recent months, driven by its position as a top vendor for Nvidia-based computer clusters for artificial intelligence. Super Micro expects sales growth of around 67% to $25 billion in fiscal 2025.
Despite the positive outlook, Super Micro’s reputation has been marred by recent controversies. In October, its auditor, Ernst & Young, resigned, and the company was replaced by BDO. In August, activist investor Hindenburg Research accused the company of accounting manipulation, leading to a loss of over 60% of its market value since its peak in March.
The company has completed an internal investigation, which found no evidence of misconduct. Super Micro has also announced plans to replace its Chief Financial Officer and has appointed a new accounting chief.