Super Micro Faces Potential Nasdaq Delisting Amid Auditor Exit and Filing Delays
The server maker struggles with financial reporting issues following Ernst & Young's resignation, risking delisting if compliance is not achieved by November 16.
- Super Micro Computer has delayed filing its annual and quarterly financial reports, citing the need to engage a new auditor after Ernst & Young's resignation.
- The company risks being delisted from the Nasdaq if it fails to submit its overdue reports or a plan to regain compliance by the November 16 deadline.
- Super Micro's stock has plummeted over 60% in the past three months amid concerns about its accounting practices and corporate governance.
- A special committee found no evidence of fraud, but the company remains under scrutiny following allegations of accounting manipulation by Hindenburg Research.
- If delisted, Super Micro may face early repayment demands on $1.725 billion in convertible bonds, adding financial pressure to the embattled firm.
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