Shares of Super Micro Computer (SMCI) hit a new 52-week low Thursday morning as the AI-focused hardware company struggles to file its quarterly report (Form 10-Q) for the period ending September 30. has notified the U.S. Securities and Exchange Commission of the delay in a recent filing, saying it needs more time to select and engage a new accounting firm to review its fiscal 2024 financial statements.
Having already missed the deadline for its 2024 Form 10-K, or annual report, Super Micro faces a possible delisting from the Nasdaq stock exchange. After receiving a non-compliance letter in September, Super Micro has until November 16 to submit a plan to Nasdaq (NDAQ) to regain compliance, otherwise the company could face bankruptcy for the second time in five year of listing may be delisted.
On Thursday morning, the company’s shares were trading at $18, down more than 7%. Compared to March’s peak of $123, the price has fallen more than 85%, wiping out more than $55 billion in value.
A rollercoaster year for SMCI
Super Micro makes hardware that supports AI applications. The stock thrived for most of this year, landing at No. 498 on the Fortune 500 as part of a frenzy over AI and related tools.
As a major partner and reseller of Nvidia’s (NVDA) GPUs and other components, Super Micro is integrating the technology into its servers to support AI workloads. Super Micro CEO Charles Liang and Nvidia CEO Jensen Huang are both Taiwanese immigrants and have a long-standing relationship.
Super Micro Computer hit a rough patch in September when a short seller, Hindenburg Research, published a scathing report accusing the company of accounting red flags and questionable business dealings, including alleged sanctions evasion on exports to Russian and Chinese companies.
More recently, the server company’s accountant, Ernst & Young, resigned. The departure follows months of disagreement over governance practices and the independence of Super Micro Computer’s board.
Following these events, Super Micro’s share price suffered a significant decline, down 33% so far in 2024 and 35% in the past twelve months.
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