Super Micro Computer Inc. (SMCI) shares surged 9% in after-hours trading on Friday after the company received an extension from the Nasdaq Stock Market to submit its overdue financial reports. The extension granted Super Micro until February 25, 2025, to file its Annual Report on Form 10-K for the fiscal year ending June 30, 2024, and its Quarterly Report on Form 10-Q for the period ending September 30, 2024.
This extension comes after the company previously delayed its 10-K filing due to a dispute with its former auditor Ernst & Young and a report from short-selling research firm Hindenburg Research that raised concerns about corporate governance, transparency, and financial reporting. Super Micro also had to replace Ernst & Young with new auditor BDO USA and submit a compliance plan to Nasdaq last month.
The company’s common stock will continue to be traded on the Nasdaq Global Select Market during the extension period. In a statement, Super Micro expressed confidence that it would meet the new deadline, which is crucial for maintaining its listing on the exchange.
Despite the ongoing accounting issues, Super Micro continues to report strong demand for its AI servers, including those equipped with liquid cooling technology. However, the company trimmed its finance guidance for the first quarter of fiscal year 2025, citing reduced expectations of $5.9-6.0 billion in net sales and $0.75-0.76 in non-GAAP diluted net income per common share.
