Super Micro Computer (SMCI) jumped over 9% in pre-market trading following news that the Nasdaq Stock Exchange has extended the company’s deadline to file its annual and quarterly reports until February 25, 2024. This reprieve provides SMCI with extra time to address accounting issues and restore compliance with listing requirements.
The extension comes as a relief for SMCI, which has seen its stock price drop over 44% in the past six months due to concerns about financial reporting and auditing processes. The company had faced delisting risks after missing an August deadline and resigning its auditor, Ernst & Young.
SMCI’s independent special committee reviewed its business and found no evidence of fraud or misconduct. The company has appointed a new auditor, BDO USA, and is searching for a new CFO and compliance officer to address these issues.
Analysts remain cautious about SMCI stock, with a Hold consensus rating based on two Buys, five Holds, and two Sells. At $38.57, the average price target implies a 12.2% downside potential.
Source: https://www.tipranks.com/news/super-micro-stock-smci-gains-in-pre-market-after-nasdaq-extends-reporting-deadline