(Bloomberg) – Super Micro Computer Inc. won More than 20% in extended trading after submitting excellent financial reports to comply with NASDAQ Inc. rules, relieving risk concerns that the server manufacturer would be listed.
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The company reported its 2024 financial year results on Tuesday in filing with the Securities and Exchange Commission. Besides, he filed financial statements for the quarters ending September 30 and December 31.
“As we file all offensive reports on or before February 25, 2025, we expect to continue to face many of the risks and challenges associated with being offensive before in our obligations SEC report, ”said Super Micro.
The shares climbed to a highlight of $ 56.45 in late trading after closing at $ 45.54 in New York. Investors had grown concerned as the deadline approached – the stock slipped 24% between February 19 and the end of Tuesday.
Super Micro was trying to avoid delisting after losing a deadline on August 2024 to file his annual financial report for the year ended June 30. and transparency. Super Micro is also facing the US Department of Justice probe following a report by short seller Hindenburg Research.
NASDAQ had extended a Super Micro deadline to Tuesday to provide the delay in filing and become compliant with listing rules. In December, Super Micro said that no independent review of its business found no evidence of misconduct, but the company promised to install a new chief financial officer and other top executives.
Super Micro said that in a separate statement to the filing, he “received correspondence from NASDAQ staff that the company has recovered compliance with the filing requirements, and the issue is now closed.”
In the financial year report, Super Micro said it had concluded that internal controls for financial reporting were not effective, and has “initiated recovery measures.” Still, Super Micro warned that he could “fail to restore material weaknesses in our internal control over financial reporting.”
Super Micro also highlighted potential risks including failure to “second -loss businesses or business opportunities due to persistent reputation damage.” Earlier this month, CEO Charles Liang said there had been some negative business effects due to the filing delay.