Super Micro Computer (SMCI) could see its stock delisted from the Nasdaq (NDAQ) exchange.
The maker of high-efficiency servers could be removed from the Nasdaq as soon as today (Nov. 18) if it fails to file a viable plan for becoming compliant with the exchange’s listing rules.
Super Micro Computer is late in filing its Fiscal 2024 annual report as well as accounting documents related to its third-quarter financial results with the U.S. Securities and Exchange Commission (SEC).
The company has until the end of today to file the required documents with the SEC and become compliant with Nasdaq’s regulations or risk being kicked off the exchange.
The company has said that it will provide a plan to achieve compliance with Nasdaq before the deadline but has not done so yet. Super Micro could request an extension from Nasdaq.
News of a potential delisting from the Nasdaq exchange comes as Super Micro Computer’s stock plunges amid a widening accounting scandal.
The company’s share price has fallen 72% in the last three months after short seller Hindenburg Research accused Super Micro Computer of accounting irregularities and the company’s auditor resigned.
It’s a big reversal for the stock, which increased 14-fold from the end of 2022 to its peak in March of this year.
In this year’s first half, Super Micro Computer’s stock was one of the top performers in the benchmark S&P 500 index as investors cheered the company’s role in the artificial intelligence (A.I.) revolution.
However, the accounting scandal and risk of being delisted from the Nasdaq have pushed the stock lower, resulting in a decline of 38% on the year.
The stock of Super Micro Computer is currently trading at $18.58 U.S. per share.
Tech Insider
