Super Micro Computer Inc. shares jumped as much as 21% after the company hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
-- Super Micro Computer Inc. shares jumped as much as 42% in premarket trading after the company hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
“In its compliance plan to Nasdaq, the company indicated that it believes that it will be able to complete its annual report on Form 10-K for the year ended June 30, 2024, and its quarterly report on 10-Q for the fiscal quarter ended Sept. 30, 2024, and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant,” Super Micro said Monday in a statement.
Super Micro’s previous auditor, Ernst & Young LLP, resigned in October, citing concerns over the company’s transparency and governance. Ernst & Young is one of the Big Four accounting firms, the auditors that vet the books of the world’s largest companies. BDO USA is the sixth-largest auditor by revenue, according to Inside Public Accounting. The firm has only one other S&P 500 company as a client, according to data compiled by Bloomberg.
Having a new auditor and a plan to regain compliance with Nasdaq’s listing rules is the latest update in a tumultuous few months for Super Micro, which had gained favor with investors earlier this year as a potential beneficiary of the demand for artificial intelligence services. The San Jose, California-based company delayed filing its annual 10-K following a damaging report from short seller Hindenburg Research, and last week said it would be late with quarterly reports.
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