Shares of Super Micro Computer (NASDAQ: SMCI) plunged about 8% on Tuesday as the server maker nears a crucial Nasdaq deadline. The company must file overdue financial reports by February 25 to avoid being delisted from the exchange.
The company has faced a challenging six months following accusations of accounting manipulation from a short seller. In August, Supermicro announced a delay in filing its annual report, and two months later, EY resigned as the company’s auditor.
Earlier this month, the company said it expects to submit the delayed reports—including its fiscal 2024 annual report and the first two quarterly reports of fiscal 2025—by the February 25 deadline.
Shares Had Nearly Doubled This Month Entering Tuesday
Shares of Super Micro Computer (NASDAQ: SMCI) had almost doubled in value this month as of Tuesday, fueled by hopes the company would meet its filing deadline.
In December, Nasdaq granted Supermicro an extension after an independent special committee cleared the company of accounting wrongdoing. However, the firm announced plans to replace its CFO—a position that remains unfilled, along with other key executive roles.
As of writing, Supermicro shares have fallen 7.71%, contributing to a decline of approximately 45% over the past 12 months.
