Data-center hardware specialist Super Micro Computer late Tuesday filed several delinquent reports with the U.S. Securities and Exchange Commission to avoid delisting from the Nasdaq stock market. SMCI stock surged on the news.
The San Jose, Calif.-based company, better known as Supermicro, filed its annual report for fiscal 2024 ended June 30 along with two quarterly reports. The quarterly reports were for the periods ended Sept. 30 and Dec. 31. Supermicro needed to file the reports by today to regain compliance with Nasdaq listing requirements.
Supermicro makes data-center computers for artificial intelligence and other applications. The company is a total information-technology systems provider encompassing servers, storage, networking and other gear, as well as support services. Supermicro is a key partner of AI chip leader Nvidia.
In a news release, Supermicro said it is now current with its SEC financial reporting obligations. There were no restatements of previously filed financial statements, the company said. Further, Supermicro has received correspondence from Nasdaq staff that the company has regained compliance with filing requirements, and the matter is now closed.
"With our financial reporting now current, we can now fully focus on executing our proven winning growth strategy through technology, product and solution innovations, time-to-market advantage, global footprint, and green computing," Supermicro Chief Executive Charles Liang said in a statement.
SMCI Stock Jumps On News
In after-hours trading on the stock market today, SMCI stock jumped more than 23% to 56.43.
SMCI stock was a highflyer until it was hit with accounting concerns in 2024. It reached its all-time high of 122.90 in March 2024.
On Aug. 27, Supermicro shares tumbled after short-seller Hindenburg Research accused the company of accounting manipulation, export control failures, customer issues and other problems. The next day, Supermicro announced that it was delaying the filing of its annual report on form 10-K with the SEC.
On Oct. 30, Supermicro revealed in a regulatory filing that its accounting firm, Ernst & Young, had resigned over financial reporting concerns. On Nov. 18, the company said it hired BDO USA as its new independent auditor.
In a positive development, Supermicro announced on Dec. 2 that an independent special committee found no accounting wrongdoing at the company. SMCI stock jumped nearly 29% to 42 on the news.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
