Nasdaq sent Super Micro Computer (SMCI, Financials) a non-compliance notice on Wednesday for failing to file filings with the SEC on time.
The business said it has sent Nasdaq a compliance plan detailing its estimated capacity to submit its quarterly report on Form 10-Q for the fiscal quarter ending Sept. 30, and its annual report on Form 10-K for the year ending June 30; the stock is up 15% in Thursday's morning trading.
Super Micro's listing or trading on the Nasdaq Global Select Market is not immediately changed by the Nasdaq letter.
Super Micro also said on Monday that it has hired accounting company BDO USA as its new auditor.
Super Micro continuously collaborates with Nvidia (NVDA, Financials) to include Nvidia's GPUs into its server systems.
Reflecting its major position in the server manufacturing sector, Supermicro recorded sales of $7.12 billion in fiscal year 2023. With production sites in Silicon Valley, the Netherlands, and Taiwan, the corporation is worldwide.
In the past, Supermicro has run across legal difficulties. The corporation paid a $150,000 punishment and admitted guilt in 2006 for exporting computer equipment to Iran, therefore breaching a U.S. ban. More recently, in August 2024, Hindenburg Research published a study claiming firm accounting and governance problems.
