Super Micro Computer Inc. investors have spent two months waiting for the company to file a plan that would allow it to remain listed on the Nasdaq exchange. With the deadline now just days away, that plan is yet to materialize.
Super Micro shares dropped massively following Ernest & Young pulling out of the company's audit. Bloomberg News' Brody Ford reports.
“As we previously disclosed, Super Micro intends to take all necessary steps to achieve compliance with the Nasdaq continued listing requirements as soon as possible,” a Super Micro spokesman said. “Whatever the results are would probably play into whatever their plan is” to hire a new auditor and file their financial reports, Matt Bryson, an analyst at Wedbush, said by phone. “I wouldn’t be shocked if something comes out over the next couple of days.”
The consequences of missing the deadline with the Nasdaq could be dire. If the company is delisted, it would likely mean removal from the S&P 500 Index, which Super Micro joined this year. It also potentially faces an early repayment on $1.725 billion of its bonds if it is kicked off the Nasdaq stock exchange.
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