Super Micro stock jumps after Nasdaq grants filing extension
) shares jumped 9% after-hours Friday after the company announced that it had been granted an extension by the Nasdaq Stock Market to submit its overdue financial reports. The company received a letter from Nasdaq on December 6, 2024, allowing them until February 25, 2025, to file its Annual Report on Form 10-K for the fiscal year that ended on June 30, 2024, as well as its Quarterly Report on Form 10-Q for the period ending September 30, 2024, along with any other necessary filings.
In August, SMCI delayed its 10-K filing for fiscal year 2024 after the dispute with its auditor and following a scathing report about the company from short-selling-focused research firm Hindenburg Research, which highlighted corporate maleficence, including undisclosed related-party transactions. Earlier this week, SMCI said an independent committee's review, which took over three months, found no evidence of fraud or misconduct on the part of Super Micro's management. The company also initiated a search for a new Chief Financial Officer.
At Friday's closing price, SMCI shares are up 55% year-to-date despite the sharp 64% decline from its 52-week high reached in March.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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