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Supermicro Stock Surges on Reports of Plan To Avoid Delisting
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Main points
- Super Micro Computer Corp. shares soared in after-hours trading on Friday after reports that the company is expected to file plans on Monday to delay its annual report, which could help it avoid delisting.
- Nasdaq warned Super Micro that if it did not file a delinquency report or file a plan by Monday, the company would be delisted.
- AMD’s stock price has been hammered in recent months by regulatory concerns amid allegations of accounting manipulation and other issues.
Ultramicrocomputer (SMCIShares of the company soared more than 18% in extended trading on Friday after reports that the company is expected to submit plans on Monday to delay its annual report, which could help avoid a delisting.
Super Micro said received a letter Nasdaq warned on Sept. 17 that the company would be delisted if it did not file a delinquency report or submit a plan within 60 days or by Nov. 16, a weekend deadline that makes Monday the effective date for submissions.
Earlier this week, the company said it would Unable to submit annual report on timeand its first-quarter filing will also be delayed, taking more time to prepare statements and hire new auditors after Ernst & Young quit job.
Super Micro’s stock price has taken a hit in recent months amid regulatory concerns. accounting manipulation and other issues. As of Friday’s close, shares were down more than 34% for the year.
trading view
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