Key Takeaways
Shares of Super Micro Computer ( SMCI ) sank 7% Tuesday as the server maker approaches the Nasdaq 's filing deadline to avoid being delisted from the exchange.
The company has had a difficult last six months since it was accused by a short seller of accounting manipulation. In August, Supermicro said it would file its annual report later than expected, which was followed by the resignation of EY as the company's auditor two months later.
Earlier this month , the company said it expected it would file the delayed reports, one for fiscal 2024 and the first two quarterly reports of fiscal 2025, by the Feb. 25 deadline.
Shares Had Nearly Doubled This Month Entering Tuesday
Shares of the company had nearly doubled in value so far this month entering Tuesday on the optimism that it would meet its deadline for the filings.
Supermicro received an extension of the filing deadline in December, days after an independent special committee said it had found no evidence of accounting wrongdoing. However, the company said at the time it would replace its CFO, one of multiple executive positions it still has to fill.
Supermicro shares were down over 7% Tuesday, putting them down about 45% in the last 12 months.
UPDATE—This article has been updated with the latest share price information.
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