Super Micro Computer (SMCI) announced late Friday that the Nasdaq stock exchange granted its request for an extension to submit key filings. This move comes after the company faced a risk of delisting due to its accounting saga.
In recent weeks, Super Micro’s stock has experienced significant volatility. The stock jumped 31% on November 19 after the company requested an extension and announced it had hired a new auditor, BDO USA. Shares also spiked nearly 29% on December 2 following an independent special committee’s finding of no wrongdoing at the company.
However, the stock has faced scrutiny amid allegations of shady accounting and a SEC probe. Ernst & Young, the company’s former auditor, questioned the books and management’s integrity before quitting in October.
Despite this, Super Micro’s stock rebounded sharply after the Nasdaq extension was granted. The stock surged 10% in late trading on Friday, bringing its total gains since mid-November to an impressive 155%. With a new deadline of February 25 for submitting its annual and quarterly reports, investors will be closely watching the company’s progress.
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Source: https://www.investors.com/news/technology/super-micro-wins-nasdaq-extension-smci-stock