Investing.com– Shares of Super Micro Computer Inc (NASDAQ:SMCI) rose sharply in afternoon trading Monday after naming BDO USA as its auditor and saying it had submitted a plan to Nasdaq seeking more time to comply. with the listing rules.
Super Micro shares rose 36% to $29.30 at 18:32 ET (23:32 GMT).
The server maker said it believes it will be able to complete its annual and quarterly reports, although it did not specify when it will do so.
“BDO is a highly respected accounting firm with global capabilities. “This is an important next step in updating our financial statements, an effort we are undertaking with diligence and urgency,” Super Micro President and CEO Charles Liang said in a statement.
Super Micro shares had fallen sharply in October after Ernst&Young resigned as the company’s auditor, citing concerns about internal controls and the independence of the board of directors. The company was also reportedly under federal investigation for a short-seller report and had delayed filing its 2024 financial reports.
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