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Shares of Super Micro Computer extended their 2024 swoon on Wednesday, with the stock falling after the company said it would not file its fiscal first-quarter results on time.
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Supermicro said last month it could not predict when it would file its 2024 annual report. The company is at risk of being delisted from the Nasdaq.
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Supermicro shares are down more than 25% this year and a far cry from their 2024 highs.
Shares of Super Micro Computer (SMCI) extended their 2024 swoon on Wednesday, with shares falling after the company said it would not file its fiscal first-quarter results on time.
The IT infrastructure company published preliminary September quarter results earlier this month, but now says it needs additional time to hire a new auditor and have him review the company’s results.
Accounting firm EY resigned as Supermicro’s accountant on October 30 after months of speculation about the company’s accounting practices. Supermicro said a special committee formed by its board of directors found no evidence of fraud or misconduct.
Supermicro’s shares, which are down about 5% in Wednesday trading, are down more than 25% in 2024 to about $21 each. Earlier this year they were trading around $120.
The first-quarter filing delay comes after Supermicro said last month it could not predict when it would file its 2024 annual report, a necessity to comply with Nasdaq rules. If the delays continue, Supermicro could be delisted altogether.
Supermicro previously announced it had received a warning letter from Nasdaq saying it had until November 16 to submit a plan.
