Super Micro Computer Stock Soars on Nasdaq Listing Extension | Global News Avenue

Super Micro Computer or Supermicro stock (SMCI), shares rose in premarket trading Monday after the troubled server maker announced it would not face a possible delisting from Nasdaq for several months.

The company wrote in a securities filing that it had received a letter from Nasdaq notifying it that the market had approved its request for an exception to the listing requirements by February 25.

Supermicro is under threat of being kicked out of Nasdaq after its accounting problems led to the company delaying the release of its annual report for the fiscal year that ended last June, in violation of Nasdaq rules. Supermicro noted that it now has a February 25 deadline to do so and that if the report is submitted on time, it will not face delisting.

Just last week, AMD report An independent investigation into its accounting practices found no wrongdoing by the company’s senior management or audit committee. The study also said the reasons for the resignation of AMD’s former auditor Ernst & Young were “not supported by facts.” When Ernst & Young resigned, it explained that it “did not want to be associated with the financial statements prepared by management.” In addition to the findings, AMD said it will replace its financial chief.

Accounting issues caused AMD’s share price to fluctuate significantly during the year. Last month, they fell to their lowest level since May 2023 but have been climbing since then, adding more than 50% in value this year.