The company's stock price plummeted more than 5% on Tuesday, even though CEO Charles Liang expressed hope that Super Microcomputer (NASDAQ:SMCI) stock would remain listed on the Nasdaq.
On Friday, Nasdaq gave companies a filing deadline for the period ending September 30, 2024, to file annual reports on Form 10-K for fiscal year 2024 and quarterly reports on Form 10-K. A letter was sent extending the deadline until February 25, 2025. Other necessary documents. Supermicro has assured that its common stock will remain listed during the extension period and is expected to reach its expiration date.
An independent special committee appointed by Supermicro in early December had uncovered no evidence of board or audit committee misconduct by the company. However, the committee recommended a change in leadership, resulting in the appointment of former vice president of finance Kenneth Chanley as the new chief accounting officer. The company also plans to appoint a general counsel, chief compliance officer, and new chief financial officer.
This article was first published on guru focus.
