Super Micro Stock Jumps 21% on BDO USA Auditor Appointment, Nasdaq Compliance Plan

Nov 18, 2024, 10:07 PM

Super Micro Computer Inc. (NASDAQ: SMCI) experienced a significant surge in its stock price, rising by as much as 21% in after-hours trading following the announcement of several key developments. The company appointed BDO USA as its new independent auditor, effective immediately, and filed a compliance plan with Nasdaq to request an extension for regaining compliance with listing requirements. This move comes after the company faced potential delisting due to delayed financial filings and the resignation of its previous auditor. The compliance plan aims to address the outstanding financial reports, including Form 10-K for the year ended June 30 and Form 10-Q for the quarter ended September 30, within the discretionary extension period provided by Nasdaq. Investors responded positively to these announcements, with the stock price rallying to $25.50 from $17-18 on Thursday/Friday, reflecting optimism about Super Micro's future prospects and its efforts to maintain its Nasdaq listing.