Super Micro Computer Inc.’s shares surged 10.20% in Monday’s pre-market trading session after the company secured an extension from Nasdaq to submit overdue annual and quarterly reports by February 25. This comes on the heels of a nearly 9% rise in after-market trading on Friday.
The move follows a recent series of developments, including Super Micro’s appointment of new auditor BDO USA and submission of a compliance plan to Nasdaq. The company had initially postponed its annual report in August due to concerns over internal controls over financial reporting, which were raised by Hindenburg Research.
A special committee investigation into the company’s practices found no evidence of misconduct, leading to an increase in stock price. However, analysts caution that acceptance of these findings by new auditors remains a point of concern.
Source: https://www.benzinga.com/markets/24/12/42388383/super-micro-surges-10-on-monday-pre-market-after-nasdaq-extension