SMCI: Super Micro Stock Soars 25% After Server Maker Finally Files Delayed Accounts

Company said it had “regained compliance” just hours before Nasdaq’s reporting deadline expired.

💸 Shares Rally 25% on Compliance Issue Fix

• Super Micro Computer stock SMCI shot up by a hefty 25% after the company finally reported its massively delayed financial results on Tuesday. It was the final day before the Nasdaq’s deadline, which threatened to delist the company’s shares from being traded on the public exchange.
• Prior to the extended-trading jump, shares of Super Micro had closed Tuesday’s cash session with a steep 12% loss. By the looks of it, the volatility in the company’s stock continues for yet another day.

🧐 Super Micro Auditor Defends Company

• The reports filed with the Securities and Exchange Commission reflected Super Micro’s financials for the year ended June 30 and fiscal first quarter ended September 30.
• “In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024,” BDO, the company’s auditor, wrote in the filing, adding that the results are “in conformity with accounting principles generally accepted” in the US.

💪 ”Fixed the Compliance Issue, Boss”

• “The Company is now current with its SEC financial reporting obligations,” Super Micro said in a press release late Tuesday. “The Company has received correspondence from the Nasdaq staff that the Company has regained compliance with the filing requirements, and the matter is now closed.”
• Shares of the AI server maker, which is a big Nvidia NVDA partner, are up more than 50% this year, despite all the zig-zagging stomach-churning share price motions.