Super Micro Computer Granted Nasdaq Extension to File Reports

Super Micro Computer Granted Nasdaq Extension to File Reports

Super Micro Computer has been granted an extension by Nasdaq, allowing it until February 25, 2025, to file its latest annual reports. This exceptional extension ensures the company remains compliant with Nasdaq's listing rules during this period.

The server maker, which has benefited from the AI boom, expects to meet the new deadline. Its shares will remain listed on Nasdaq as long as compliance is maintained.

Stock Performance and Management Changes

Super Micro Computer's stock has faced challenges since its former auditor, Ernst & Young (EY), resigned in October. EY cited concerns over the company’s management and audit committee, raising questions about Super Micro's commitment to integrity and ethics.

To address these issues, Super Micro has:

Appointed a special committee of directors.

Engaged a law firm and forensic accounting experts for investigation.

Initiated a search for a Chief Compliance Officer and General Counsel.

Additionally, the current CFO, David Weigand, will remain in his role until a successor is named.

Moving Forward

The company announced earlier this week that a final review revealed no evidence of fraud or misconduct by its management or board. It also plans to enhance governance practices while working to restore investor confidence.