Shares of Super Micro Computer Inc. (SMCI) surged above 30% on Tuesday following the announcement that the troubled server manufacturer has appointed BDO as its new auditing firm. Additionally, the company unveiled a strategy to avoid being removed from the NASDAQ stock exchange listings.
"In its compliance plan to Nasdaq, the Company indicated 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 September 30, 2024 and become current with its periodic reports within the discretionary period available to the Nasdaq staff to grant," the server maker stated on Monday.
The information technology company's previous auditor, Ernst & Young LLP, resigned at the end of October, citing concerns regarding the firm's "commitment to integrity and ethical values." The company's shares jumped by 30.41% and sold for $28.09 at 1:10 pm ET.
