Super Micro Computer hired a new auditor on Monday after the previous one, Ernst & Young, resigned amid a compromise.
The Silicon Valley-based company, which touts a close relationship with Nvidia, the artificial intelligence rocket stock, was at risk of being delisted from the Nasdaq after failing to file an annual and quarterly report on time. His previous grace period with the exchange would have expired next week.
But after hiring BDO, Super Micro submitted a plan to Nasdaq to comply with listing rules and issue audited financial statements.
A Super Micro spokesperson said Fortune in a statement: “As we previously disclosed, Supermicro intends to take all necessary steps to achieve compliance with Nasdaq’s continued listing requirements as soon as possible.”
In a statement, Super Micro CEO Charles Liang welcomed its new auditor, BDO USA, on Monday. “BDO is a highly respected accounting firm with global capabilities,” Liang said. “This is an important next step in updating our financial statements, an effort we are undertaking with diligence and urgency.”
This comes after a harsh resignation letter from its former auditor last month.
EY wrote that it could no longer trust management or the board’s audit committee, which is supposed to be made up of independent directors who oversee the company for the benefit of shareholders.
This isn’t Super Micro’s first rodeo. The company was delisted in 2018 before rejoining the tech-heavy Nasdaq stock exchange in 2020, where it soared 3,000% and eventually joined the Fortune 500.
Before pausing issuance of audited financial statements, its previous annual report showed that gross profit margins had increased to 18% in fiscal 2023, compared to 15.4% in fiscal 2022, but faced significant challenges. The value of its inventory was $1.45 billion in 2023 and it had to increase its inventory reserves by $36.6 million. In a cutting-edge competitive industry, the risk of some of your inventory becoming obsolete looms large.
BDO and Nasdaq did not immediately respond to a request for comment. An Nvidia spokesperson said Fortune The company is in a quiet pre-earnings period and declined to comment.
This story originally appeared on Fortune.com