Super Micro Computer Inc (NASDAQ:SMCI) shares surged Wednesday after the server maker filed much delayed annual and September-quarter accounts.
The annual report for the fiscal year to June 2024 as well as quarterly earnings for the past two quarters were filed last night.
Management said “the matter is now closed.”
Despite being a popular investment play on the AI theme as Nvidia's third-largest customer, the company could have been delisted if it had missed the filing deadline, with the Nasdaq notifying the company in September that it was in potential violation of listing rules.
Ernst & Young resigned as the company’s auditor in October, citing concerns about governance, transparency, and internal controls over financial reporting, with a mooted probe by the US Department of Justice over alleged accounting irregularities.
The company was given an extension by the Nasdaq after appointing BDO as its auditor and forming a special committee to review its controls, which said it found no evidence of fraud.
Last night, Super Micro said after completing the filings it was "now current with its SEC financial reporting obligations", with no restatements of previously filed financial statements.
Nasdaq staff confirmed that the company has regained compliance with the filing requirements, and the matter was now closed.
The filings "represent an important milestone," said founder and CEO Charles Liang, adding that the company "can now fully focus on executing our proven winning growth strategy through technology, product and solution innovations, time-to-market advantage, global footprint, and green computing".
Just after the midway point of trading on Wednesday, Super Micro shares were up 17.5%.