Super Micro Computer (SMCI) announced late Friday that the Nasdaq stock exchange granted its request for an extension for submitting key filings. Super Micro stock rose early Monday, continuing a huge rebound since mid-November.
The AI server maker and Nvidia (NVDA) partner now has until Feb. 25 to file 10-K annual report for the fiscal year ended June 30 as well as the 10-Q report for the quarter ended Sept. 30.
Super Micro had been risk of a delisting.
Super Micro Stock, Accounting Saga
Super Micro stock jumped to 48 soon after Monday's open, but faded to up 2.1% at 44.85.
Shares spiked 31% on Nov. 19 after Super Micro requested an extension and announced it had hired a new auditor, BDO USA. Shares had already jumped 16% on Nov. 18 in anticipation of that filing.
On Monday, Dec. 2, SMCI stock vaulted nearly 29% after the company said that an independent special committee found no wrongdoing at the company.
All told, Super Micro stock shot up 155% from the Nov. 15 intraday low of 17.25 to Friday's close. But that follows an 86% plunge from the record 122.90 set on March 8. Shares sold off, especially since mid-July amid a short-seller report alleging shady accounting, a SEC probe of Supermicro's books and finally auditor Ernst & Young quitting.
SMCI stock closed at 49.12 on Oct. 29, just before Ernst & Young quit, questioning the books and management's integrity.
Interesting. I'm not seeing that news on the major news sources. $HSY is a stock I don't pay attention to so appreciate the info. I didn't even realize I have 362 shares. Soon I'm going to stop all my reinvestments and start taking monthly dividends, but waiting until I start social security. Right now just living on trading. My cost basis on this is $176.56 so today was a good day for it.
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