Super Micro (SMCI) rose over 20% in premarket trading on Wednesday after the company met a deadline from the Nasdaq to submit delayed regulatory filings in order to avoid delisting.
After the close on Tuesday, Super Micro filed updated quarterly reports for its fiscal year ended June 30, 2024, as well as quarters ended Sept. 30, 2024 and Dec. 31, 2024. The results aligned with the company’s preliminary earnings results provided in business updates over the past six months.
53.69
-
+(17.90%)
As of 9:35:14 AM EST. Market Open.
Super Micro Computer makes server products using Nvidia's (NVDA) AI chips for data centers. The company delayed submitting its quarterly and annual filings to the US Securities and Exchange Commission after a report from short seller Hindenburg Research last August accused Super Micro of accounting manipulations — putting the server maker at risk of being delisted by the Nasdaq.
The company missed its first Nasdaq deadline to submit its SEC filings and avoid delisting in late 2024 but was granted an extension through Feb. 25.
Super Micro has denied Hindenburg's accusations of accounting violations. The company has hired a new accountant and said in December that an independent review of its business found no evidence of misconduct.
Shares fell roughly 11.8% during Tuesday’s trading session as investors grew anxious about the impending deadline. At Tuesday’s close, Super Micro stock was down nearly 17% over the past five trading sessions.
That decline has partially reversed gains from the stock's weeks-long rally in February, in which shares fully recovered their losses from the fallout linked to the Hindenburg report. Hindenburg’s allegations sent Super Micro stock tumbling in the latter half of 2024 as the company faced an investigation from the Department of Justice, its accountant resigned, and it faced a potential Nasdaq delisting.
A top performer in the S&P 500 (^GSPC) just last week, Super Micro stock rose more than 16% Feb. 19 to just over $60, its highest closing price since Aug. 23, just a few days before the Hindenburg released its report. The stock was boosted by Super Micro's ambitious long-term financial targets.
Laura Bratton is a reporter for chof360 Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at [email protected].
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from chof360 Finance
