Super Micro Surges 10% On Monday Pre-Market After Company Gets Nasdaq Extension To File Annual Report
Shares of Super Micro Computer Inc. (NASDAQ:SMCI) have jumped by 10.20% in Monday’s pre-market trading session. This surge follows the company’s successful acquisition of an extension from Nasdaq to submit overdue annual and quarterly reports by Feb. 25.
The AI server manufacturer experienced a nearly 9% rise in after-market trading on Friday. This increase came on the heels of the Nasdaq extension, which grants the company additional time to file its delayed reports.
The delay was initially announced in August when Super Micro postponed its annual report to evaluate internal controls over financial reporting. This postponement followed a short position disclosure by Hindenburg Research, which alleged issues related to accounting and governance.
In recent updates, Super Micro appointed BDO USA as its new auditor and submitted a compliance plan to Nasdaq. The company is working towards meeting the new filing deadline to maintain its Nasdaq listing.
A special committee’s investigation into the company’s practices found no evidence of misconduct, resulting in a notable stock price increase. Analysts, however, suggest keeping an eye on the acceptance of these findings by the new auditors.
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