Super Micro Wins Key Nasdaq Extension. The Stock Is Jumping.

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Super Micro Wins Key Nasdaq Extension. The Stock Is Jumping.

stock :: 2024-12-09 :: source - ibd

By ED CARSON

Super Micro Computer (SMCI) announced late Friday that the Nasdaq stock exchange granted its request for an extension for submitting key filings. Super Micro stock jumped early Monday, continuing a huge rebound since mid-November.

The AI server maker and Nvidia (NVDA) partner now has until Feb. 25 to file 10-K annual report for the fiscal year ended June 30 as well as the 10-Q report for the quarter ended Sept. 30.

Super Micro had been risk of a delisting.

Super Micro Stock, Accounting Saga

Super Micro stock jumped 6.5% in premarket trade Monday, after soaring more than 10% Sunday night on Robinhood.

Shares spiked 31% on Nov. 19 after Super Micro requested an extension and announced it had hired a new auditor, BDO USA. Shares had already jumped 16% on Nov. 18 in anticipation of that filing.

On Monday, Dec. 2, SMCI stock vaulted nearly 29% after the company said that an independent special committee found no wrongdoing at the company.

All told, Super Micro stock shot up 155% from the Nov. 15 intraday low of 17.25 to Friday's close. But that follows an 86% plunge from the record 122.90 set on March 8. Shares sold off, especially since mid-July amid a short-seller report alleging shady accounting, a SEC probe of Supermicro's books and finally auditor Ernst & Young quitting.

SMCI stock closed at 49.12 on Oct. 29, just before Ernst & Young quit, questioning the books and management's integrity.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.