Super Micro Computer Inc.’s stock price rose nearly 9% in after-market hours trading following the company’s extension from Nasdaq to file its overdue annual and quarterly reports by February 25. The AI server manufacturer has been under scrutiny since August when it delayed its annual report filing, citing internal control issues.
The delay came after Hindenburg Research alleged accounting and governance issues, prompting Super Micro to appoint a new auditor and submit a compliance plan to Nasdaq. The company aims to complete all necessary filings by the extended deadline to maintain its Nasdaq listing.
Super Micro has also launched a search for a new finance chief following recommendations from an independent special committee investigating the company’s accounting practices. Analysts have advised investors to monitor the acceptance of the committee’s findings by the newly appointed auditors, BDO USA.
The ongoing demand for Super Micro’s AI servers underscores the importance of resolving these issues swiftly. The company’s stock price has seen significant fluctuations since October when its independent auditor, Ernst & Young, resigned due to governance and transparency concerns.
Source: https://www.benzinga.com/24/12/42376751/smci-stock-surges-9-in-after-market-hours-as-company-gets-extension-to-file-annual-report