SMCI: Super Micro Soars 31% as Server Maker Taps New Auditor, Fights to Stay on Nasdaq

Super Micro is looking to douse itself out of the dumpster fire by appointing BDO USA as an independent auditor and asking for a time extension to stay on the Nasdaq.

• Super Micro stock SMCI rallied 31% on Tuesday after the company announced it has brought in a new independent auditor after the abrupt departure of its previous one (under some shady circumstances.) Not only that, but the AI server maker rolled out plans to stay on the Nasdaq exchange after it nearly got kicked out for failure to comply with the rules and regulations.
• Super Micro appointed BDO USA, part of BDO International, to organize its finances and perhaps even file its regular reports that have been due for months. Super Micro said it should now be able to complete its annual 10-K for the fiscal year ended June 30, and its 10-Q for the quarter ended Sept. 30 — not filing these two on time put Super Micro at risk of being delisted from the Nasdaq.
• Charles Liang, Super Micro CEO, struck an optimistic note when addressing the issues at hand. Getting BDO on board, he said, “is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency.” On the listing, Super Micro has asked for a time extension to regain compliance. The Nasdaq is likely to take a couple of weeks to review the plan.