Mon Nov 18 22:30:00 UTC 2024: ## Super Micro Computer Avoids Delisting, Stock Soars
**San Jose, CA –** Super Micro Computer (SMCI) averted delisting from the Nasdaq Stock Market after submitting a compliance plan to address delayed financial reports. The company, which had until Monday to file the plan, had been delinquent in filing its reports for fiscal year 2024 and the first quarter of fiscal 2025. The plan’s acceptance is pending Nasdaq review.
SMCI’s stock reacted enthusiastically to the news, surging 15.9% to close at $21.54 and subsequently jumping over 26% in extended trading to $27.25. The surge follows a period of significant decline from its March all-time high of $122.90. The company also announced that it had hired BDO USA as its new independent auditor, replacing Ernst & Young who resigned in October citing concerns about Super Micro’s financial reporting. CEO Charles Liang expressed confidence in the new auditor and the company’s efforts to resolve its reporting issues.
Despite the positive news for Super Micro, rivals like Dell Technologies are reportedly seeking to capitalize on its recent struggles. Dell saw its stock price target raised by three Wall Street firms on Monday. Conversely, Barclays suspended its coverage of SMCI stock last Friday. The volatility in SMCI’s stock price contrasts sharply with other technology stocks such as Nvidia, which experienced a downturn due to overheating concerns with its AI chip.
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