Super Micro Computer, Inc. SMCI shares are soaring in Monday’s after-hours session following an announcement that it has engaged BDO USA, P.C. as its independent auditor, effective immediately.
Supermicro also said it submitted a compliance plan to the Nasdaq to support its request for an extension of time to regain compliance with its continued listing requirements.
The Details: Super Micro indicated in its compliance plan to Nasdaq that it believes that it will be able to complete its Annual Report on Form 10-K for the year ended June 30, 2024, and its Quarterly Report on 10-Q for the fiscal quarter ended Sept. 30, 2024, and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant.
According to Nasdaq rules, Super Micro’s securities will remain listed pending Nasdaq’s review of the compliance plan.
“We are pleased to welcome BDO as Super Micro’s independent auditor,” said Charles Liang, CEO of Super Micro. “BDO is a highly respected accounting firm with global capabilities. This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency.”
The company’s previous auditor, Ernst & Young, resigned in late October amid allegations of accounting irregularities and claims of potential export control violations.
The company initially engaged with Ernst & Young in March 2023 to audit the company’s financials for its fiscal year ending June 2024. Super Micro said the auditor resigned before issuing a report on the company’s financials or the company’s internal controls over financial reporting.
SMCI Price Action: According to Benzinga Pro, Super Micro Computer shares are up 25.44% at $27.02 after gaining 15.93% in Monday’s regular session.
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
