Super Micro Computer (SMCI) announced late Friday that the Nasdaq stock exchange granted its request for an extension for submitting key filings. Super Micro stock jumped after the close, continuing a huge rebound since mid-November.
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The AI server maker and Nvidia (NVDA) partner now has until Feb. 25 to file 10-K annual report for the fiscal year ended June 30 as well as the 10-Q report for the quarter ended Sept. 30.
Super Micro had been risk of a delisting.
Super Micro Stock, Accounting Saga
Super Micro stock leapt nearly 10% in late trading.
Shares spiked 31% on Nov. 19 after Super Micro requested an extension and announced it had hired a new auditor, BDO USA. Shares had already jumped 16% on Nov. 18 in anticipation of that filing.
On Monday, Dec. 2, SMCI stock vaulted nearly 29% after the company said that an independent special committee found no wrongdoing at the company.
All told, Super Micro stock shot up 155% from the Nov. 15 intraday low of 17.25 to Friday’s close. But that follows an 86% plunge from the record 122.90 set on March 8. Shares sold off, especially since mid-July amid a short-seller report alleging shady accounting, a SEC probe of Supermicro’s books and finally auditor Ernst & Young quitting.
SMCI stock closed at 49.12 on Oct. 29, just before Ernst & Young quit, questioning the books and management’s integrity.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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