Super Micro Computer Inc. (SMCI) stocks soared by more than 12% on Monday as investors awaited the company's filing of its 10-K report that would prevent it from being delisted by the NASDAQ stock exchange.
After failing to submit the annual 10-K report in August, the company received a letter from NASDAQ on September 17 stating that it was not in compliance with its listing rule requiring timely filing of reports and was notified that it had 60 days to file the report to avoid being delisted. Following the extension of the deadline due to the weekend, the last day for SMCI to file its report is today.
The information technology company also delayed its fiscal first-quarter results last week, claiming that it needed to hire a new auditor after Ernst & Young LLP resigned at the end of October.
The company's shares jumped by 12.81% and sold for $20.9804 at 10:52 am ET.
