News
Supermicro Stock Surges on Reports of Plan to Avoid Delisting
Super Micro Computer ( SMCI ) shares soared over 18% in extended trading Friday following reports the company is expected to file a plan for its delayed annual report by Monday that could help it avoid delisting.
Supermicro said it received a letter from the Nasdaq on Sept. 17 warning it would be delisted if it does not file the delinquent report or submit a plan within 60 days, or by Nov. 16, with the weekend deadline making Monday the effective date for the submission.
Earlier this week, the company said it would not be able to submit its annual report on time , and that it could delay its first-quarter report as well, requiring more time to prepare the statements and hire a new auditor after EY resigned from the job .
Shares of Supermicro have taken a hit in recent months on regulatory concerns following allegations of accounting manipulation and other issues. They were down over 34% for the year through Friday’s close.
