Super Micro Earns Nasdaq Listing Extension
Super Micro Computer announced that it was granted an extension by Nasdaq, allowing it to continue listing on the stock exchange until February. Super Micro has been in danger of being delisted from the Nasdaq due to its late quarterly results and failure to submit audited year-end financials for the most recent fiscal year.
The tech firm has at least until February 25 2025 to obtain its U. S. filings submitted and approved by the Securities and Exchange Commission.
According to a press release from Super Micro, “the Company’s common stock will remain listed on the Nasdaq Global Select Market during the exception period.”. The common stock will continue to be listed as long as the company complies with Nasdaq’s listing regulations, provided that all necessary reports are submitted by February 25, 2025.
Super Micro’s stock has been under threat of delisting in recent months. after it massive rally. The semi conductor firm is one of the leading suppliers of Nvidia-based computer clusters for artificial intelligence, which has led to a spike in sales.
According to Super Micro, sales will increase by about 67% to $25 billion in fiscal 2025. Super Micro appointed BDO as its auditor last month after Ernst and Young resigned as the company’s auditor in October.
Activist investor Hindenburg Research in August, disclosed a short position and charged Super Micro with accounting fraud, further harming the company’s reputation. Super Micro announced on Monday that an internal investigation led by a board member had found no evidence of wrongdoing.
At the time, the company also announced that it had hired a new chief accountant and intended to replace Chief Financial Officer David Weigand.
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